Fortis Healthcare to launch FCCB issue

Fortis Healthcare Ltd has announced that the Board of Directors of the Company (hereinafter referred as the "Board" which term shall be deemed to include any committee thereof), at its meeting held on May 10, 2010, inter alia, has approved (subject to requisite approvals) the creation, issue and launch of 5% Coupon Foreign Currency Convertible Bonds (FCCB's) offering of up to USD 100 Millions having maturity of five years and one day and convertible into Equity Shares of Rs. 10 each at the option of FCCBs holders in accordance with the Offering Circular approved by the Board.

The Bonds are convertible at Rs. 167 per share and bear a yield to maturity of 5.537% p.a.

Religare Capital Markets PLC and The Royal Bank of Scotland N.V., are the Joint Book Runner to the Issue.

The Board also approved proposa to issue 2,23,52,940 (Two Crore twenty Three Lacs Fifty Two Thousand Nine Hundred and Forty) equity shares of Rs. 10 each at a premium of Rs. 160 per share on Preferential Basis to Lathe Investment Pte Ltd., an affiliated investment vehicle of GIC Special Investments Pte Ltd. Singapore. The Board had also decided to convene an Extra-ordinary General Meeting of the Company on June 09, 2010 for obtaining approval of the Shareholders for this purpose and any other matter relating thereto.

The stock was trading at Rs.165.35, down by Rs.1.90 or 1.14%. The stock hit an intraday high of Rs.171 and low of Rs.165.10.

The total traded quantity was 987555 compared to 2 week average of 851013.

Source : Equity Bulls

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