Fortis Healthcare raises US $55 Million through FCCB allotment to IFC

The Issue Committee of the Board of Directors of Fortis Healthcare Ltd has by a resolution dated June 08, 2013 allotted 550 foreign currency convertible bonds ("FCCBs") of the Company to International Finance Corporation, aggregating to US$ 55 million, in accordance with applicable law. The FCCBs have a par value of US$ 100,000 and are convertible into fully paid up equity shares of the Company. The floor price for the conversion of the FCCBs is Rs. 99.09 per equity share (determined in accordance with applicable law).

With the allotment of the FCCBs, IFC has made a total investment of US$ 100 million in Fortis Healthcare by way of participation in the recently concluded IPP, preferential allotment of equity and the allotment of FCCBs.

Shares of Fortis Healthcare Ltd was last trading in BSE at Rs.90.10, up by Rs.0.15 or 0.17%. The stock hit an intraday high of Rs.92.10 and low of Rs.89.55.

The total traded quantity was 0.81 lakhs compared to 2 week average of 0.75 lakhs.

Source : Equity Bulls

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