Fortis Healthcare set to close Singapore buy by Dec-end

20 Dec 2011 Evaluate

Hospital chain Fortis Healthcare (India), controlled by billionaire brothers Malvinder and Shivinder Singh, is on course to raise funds and close the takeover of Singapore-based group firm Fortis Healthcare International by end-December. The brothers control Fortis Healthcare (India) and entirely own Fortis Healthcare International. The Indian firm had announced last month it would buy the overseas firm for $665 million. Fortis India is in the process of raising $175 million in fresh debt to fund the deal. The transaction would raise the net debt at Fortis India to $1 billion and debt-equity ratio to 1.5 from under 0.5 now. The company aims to bring it down to under 1 by March by infusing fresh equity, though it will not sell shares in the parent company. Earlier this year, Fortis bought 86 per cent stake in diagnostic services firm Super Religare Laboratories Ltd(SRL) from Singh brothers.

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