Fortis to raise Rs 2,750 cr via issue of securities, hikes borrowing limit

10 Jun 2010 Evaluate

The Fortis Healthcare is planning to raise Rs 2,750 crore through fresh issue of securities, including shares. The Board also endorsed a proposal to increase the company's borrowing limit to Rs 6,000 crore. Though the company did not specify the reason for raising fresh funds, this may be as a preparation for a counter bid for garnering more shares in the Singapore-headquartered Parkway Holdings.

Malaysian sovereign fund Khazanah launched a surprise $835-million bid to increase its stake in healthcare group Parkway to 51.5% from 24% holding at present. Fortis owns 25.37% stake in Parkway and will have to make a counter offer if it wants to retain control of the hospital chain. crackcrack

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