Fortis Healthcare is looking to raise $100 million ( 540 crore) from IFC Washington, the private sector arm of the World Bank, through a mix of fresh shares and foreign currency convertible bonds (FCCB). While the company will raise $45 million from fresh issue of shares, the remaining $55 million will be raised from FCCB.
Additionally, the company also is planning to raise $70-80 million by issuing shares between 34.99 to 45.02 million shares to qualified institutional buyers through IPP. The company after completing legal formalities would open this issue for subscription on May 2.
The company, in a bid to prune its debt, has been raising funds since October. It raised 2,260 crore by listing its business Trust - Religare Business Trust - on the Singapore Stock Exchange, while, it raised another Rs 1,650 crore by selling the 64.15% stake it owned in its Australian subsidiary Dental Corporation.
