Asian hospital chain Fortis Healthcare could raise as much as INR54.2 crore ($100m) from the International Finance Corporation (IFC) through both equity and foreign currency convertible bonds, according to India’s Business Standard.
The company will issue 28.6 million shares worth $45m to IFC alongside foreign currency convertible bonds worth $55m. It will also issue up to to 45 million shares through an institutional placement programme.
The company said, “The preferential allotment of equity shares and the private placement of the bonds are both subject to the successful completion of the issue. They are also subject to execution of necessary agreements and receipt of approvals and consents as may be required.”
The offering could see IFC hold close to six per cent of the company’s shares, and following conversion this could be as much as 11.5 per cent, VC Circle reported.
IFC had previously invested in Fortis’ diagnostics unit RadLink-Asia.
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