Fortis Healthcare is planning to mop up about $100 million from International Finance Corporation (IFC) through a combination of straight equity and Foreign Currency Convertible Bonds (FCCBs). The healthcare major will use the raised fund for expansion and partly for repayment of debt to reduce the overall company leverage.
The company has proposed to substantially increase its bed capacity in India over the next 3-5 years in India, including in second and third tier cities and low income states in India.
The company’s hospital business is spread over, with 62 healthcare facilities with presence across 17 states and over 35 cities, while the diagnostics business is present in 450 cities across the country. Some of the projects are in various stages of development and implementation.
