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Our Bureau

New Delhi , Dec 5

Fortis Healthcare has announced that it would issue 11.92 million equity shares to two private equity firms in a pre-IPO agreement amounting to $33.33 millions.

Quantum (M) Ltd, and Blue Ridge Ltd Partnership and Blue Ridge Offshore Master Ltd Partnership, will acquire 5.96 million equity shares at a price equal to the IPO price, subjected to a lock-in period of 12 months after the IPO, as per SEBI regulations.

Fortis Healthcare had filed a draft red herring prospectus on September 29 for its IPO of more than 56 million equity shares through 100 per cent book-building process for listing on the BSE and the NSE.

Post-agreement, shares available during the IPO will be less by nearly 12 million.

Fortis had set aside a maximum of nearly 18 million (17,884,614 equity shares) for pre-IPO agreements.

"We are in talks with other companies as well for the remaining of the shares kept aside, which could be offered in the near future," Mr Shivinder Mohan Singh, Managing Director, told Business Line.

The company hopes to raise a total of Rs 730 crore from its pre-IPO and public issue deals to fund its expansion programmes and retire various debts.

As per the company's draft red herring prospectus, it proposes to invest Rs 100 crore from the IPO in its subsidiary, Oscar Bio-Tech Private Ltd, for a new 250-bed speciality hospital to be located on more than seven acres at Shalimar Bagh in New Delhi.

More Stories on : IPOs | Private Placement | Medical Institutions & Hospitals

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