Fortis Healthcare To Raise $300 Million (04-Feb-2012)
Fortis Healthcare (India) is likely to raise $300 million by spinning off its non-core business into a separate company, which will then be listed on the Singapore Stock Exchange. The company expects the restructuring to be completed by the middle of next month. The initial public offering is likely to hit the market in May or June this year.
The restructuring, aimed at unlocking value from non-core business that primarily includes diagnostics operations, would provide funds for the company to cut its debt and fund growth.
Fortis Healthcare operates a chain of hospitals and various healthcare centres, among other medical facilities, in India.
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