Fortis Healthcare Ltd has lined up its fund-raising plans as it prepares for a possible takeover battle for Singapore-based Parkway Holdings. The healthcare major plans to raise an aggregate amount of up to INR 2,750 crore through issuing of fresh securities and has approved increasing the borrowing limit to Rs 6,000 crore.
Fortis has also raised Rs 380 crore from an arm of GIC Special Investments Pte Ltd, the private equity arm of Singapore Government state investment firm and $100 million through the issuance of foreign currency convertible bonds (FCCBs) to fund the Parkway stake purchase.
The acquisition of Parkway by Fortis is the largest overseas acquisition by an Indian company in the healthcare sector. The acquisition of a strategic stake in Parkway Holdings Limited increased Fortis’ network, now with a presence in Brunei, China, India, Malaysia, Mauritius, Singapore and the UAE.