Fortis Healthcare’s arm inks definitive pact with two investment partners

Super Religare Laboratories (SRL), the diagnostic subsidiary of Fortis Healthcare has signed definitive agreements with two investment partners, NYLIM Jacob Ballas India and International Finance Corporation (IFC) for an equity investment in the company. NYLIM and IFC will invest Rs 250 crore and Rs 120 crore respectively in SRL in the form of Compulsorily Convertible Preference Shares (CCPS). The conversion of the CCPS will be in the price band of Rs 201-220. Post conversion of CCPS, Fortis Healthcare will continue to hold 55-56% equity stake in SRL.

As of March 2012, SRL had a network, either directly owned by it or operated through franchisees or joint ventures, consisting of 8 reference laboratories, 8 centers of excellence, 208 laboratories, 21 wellness centres and over 1,088 collection centers (including 32 abroad).

Earlier in may, the country’s second largest hospital chain announced that it is likely to raise about Rs 2,000 crore by listing its hospitals business in Singapore, through group unit Religare Health Trust. Through these funds, it aims to expand its clinical operations and cut debt. It has received in-principle approval for the listing proposal. The company aims to add about 2,500 hospital beds in 3-4 years.