Fortis Healthcare raises $55 million by FCCB allotment to IFC
New Delhi: Fortis Healthcare on Saturday said it has raised USD 55 million (nearly Rs 313 crore) through allotment of 550 foreign currency convertible bonds (FCCBs) to the International Finance Corporation.
The company has alloted FCCBs of USD 1,00,000 each to International Finance Corporation (IFC) on a preferential basis, at an issue price of USD 1,00,000 per FCCB, aggregating to USD 55 million, Fortis Healthcare said in a filing to BSE.
Commenting on the development, Fortis Healthcare Group CEO Vishal Bali said: "The investment by IFC will fund the further expansion of hospital beds in India over the next three to five years and will also enable us to reduce our debt, further strengthening our balance sheet."
With the allotment of the FCCBs, IFC has made a total investment of USD 100 million in Fortis Healthcare by way of participation in the recently concluded IPP, preferential allotment of equity and the allotment of FCCBs, the company said.
On June 6, Fortis Healthcare had raised Rs 186.62 crore by allotting 1.8 crore shares to International Finance Corporation on a preferential basis.