Comments /916 Views / Tuesday, 20 December 2011 00:01
NEW DELHI, (Reuters): Hospital chain Fortis Healthcare (India), controlled by billionaire brothers Malvinder and Shivinder Singh, is on course to raise funds and close the takeover of Singapore-based group firm Fortis Healthcare International by end-December, its chairman said.
“It’s getting closed. I have no worries on it,” Malvinder Singh told Reuters in an interview on Monday.
The brothers control Fortis Healthcare (India) and entirely own Fortis Healthcare International. The Indian firm had said last month it would buy the overseas firm for $665 million.
Fortis India is in the process of raising $175 million in fresh debt to fund the deal.
The transaction would raise the net debt at Fortis India to $1 billion and debt-equity ratio to 1.5 from under 0.5 now.
The company aims to bring it down to under 1 by March by infusing fresh equity, though it will not sell shares in the parent company, Singh said.
“One is SRL private equity, that’s going to come in as third round of funding. Second is that we are looking at asset-light model and by those two methods we will address the (debt-equity ratio of)1-1 by March,” Singh said.
Earlier this year, Fortis bought 86 percent stake in diagnostic services firm Super Religare Laboratories Ltd (SRL) from Singh brothers.
27 June 2016
Ryan Randall plays the bagpipes outside a polling station in Edinburgh, Scotland, in this Reuters picture. Brexit was fought on emotional grounds rather than on hard core economics or political realities Brit...
27 June 2016
Hyundai strikes back with mega ship orders Hyundai Merchant Marine said it had reached an agreement with ship-owners to secure lower charter rates; a major breakthrough in its financial restructuring that enables state support for the purch...
27 June 2016
Consequent to Brexit, $ 2 trillion was wiped off stock markets. Where did it ‘evaporate’ to? Did this money ever exist in the first place? Human greed to make quick big money (with a simple click transaction) has driven us to pla...
24 June 2016
It is evident that conventional leadership development practices are no longer adequate. Organisations globally need to incorporate the next generation leadership competencies in order to address the development needs of th...
Britain’s newspapers take sides in EU referendum debate
Britain and Brexit: What the rest of the world says
Tracing the global market thread that could be unravelled by Brexit
Soros says pound fall after Brexit would be bigger, more disruptive than ‘Black Wednesday’