Fortis Healthcare to raise upto Rs 2750 crores

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), on June 09, 2010, inter alia, has approved (subject to requisite approvals), the issue of fresh securities for an aggregate amount of upto Rs. 2,750 Crore.

The Board also approved increase in borrowing limits u/s 293(1)(d) of the Companies Act, 1956, to Rs. 6,000 Crore.

The Board approved proposal for creation of mortgage, charge or hypothecation on the movable or immovable properties of the Company u/s 293(1)(a) of the Companies Act, 1956, equivalent to limits available u/s 293(1)(d) to the Company from time to time; and obtaining approval of the shareholders for above by way of Postal Ballot.

The stock was trading at Rs.140.35, up by Rs.0.40 or 0.29%. The stock hit an intraday high of Rs.143.80 and low of Rs.139.75.

The total traded quantity was 752337 compared to 2 week average of 1130661.

Source : Equity Bulls

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