Business Daily from THE HINDU group of publications
Tuesday, Aug 11, 2009
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Business Daily from THE HINDU group of publications Tuesday, Aug 11, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Industry & Economy
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Medical Institutions & Hospitals Corporate - Rights Issue Fortis’ Rs 997-cr rights issue in Sept Our Bureau New Delhi, Aug 10 The issue committee of the Directors of Fortis Healthcare Ltd, at its meeting held on Monday, fixed the ratio for the rights issue at two for every five equity shares held. The subscribers to the issue will also be entitled to two detachable warrants (one each of Series A and Series B) for every two rights shares allotted. “The detachable warrants can be called upon by the company, at its option, within the given time frame, in future,” said a press statement. Rs 100/shareThe committee also fixed the price for the rights issue at Rs 110 per share; Rs 10 as the face value and Rs 100 towards the premium. The size of the rights issue (excluding warrants) aggregates Rs 997 crore. Greenfield projects“The proceeds of the rights issue would be used primarily for funding greenfield projects, including the upcoming greenfield project in Gurgaon, redemption of preference shares, repayment of short-term debt, up gradation of existing facilities and tapping future investment opportunities for growth,” said a statement. Commenting on the proposed issue, Mr Shivinder Mohan Singh, Managing Director, Fortis Healthcare Ltd, said, “We are in a significant growth trajectory and the rights issue will further strengthen the company’s balance-sheet and enable us to aggressively expand the network. We are committed to providing quality healthcare to citizens across the country”. The proposed issue, subject to necessary regulatory approvals and process, is slated to open in the first fortnight of September 2009. More Stories on : Medical Institutions & Hospitals | Rights Issue
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