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Fortis Healthcare raises over S$510 million by 70% stake sale in Religare Health Trust

19 Oct 2012 Evaluate

Fortis Healthcare, country’s largest hospital chain, has raised a little over S$510 million or Rs 2,300 crore, by offloading 70% stake in its business trust Religare Health Trust through an initial public offer on the Singapore Stock Exchange. As per its prospectus filed with the Monetary Authority of Singapore, the Religare Health Trust will initially hold hospital properties worth $612.4 million in its portfolio. Religare offered 567.46 million shares at $0.90 each.

The company will utilize these funds to pare its current debt of around Rs 7,000 crore. Further, Religare Health Trust has assured a dividend distribution yield of around 8.5% for its investor.

Fortis had initially planned to list Religare at Singapore bourses in the fourth quarter of last year, but deferred the listing due to volatile stock market conditions and on account of delays in consolidation of businesses.

Fortis Healthcare Share Price

891.50 1.75 (0.20%)
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