Business Daily from THE HINDU group of publications
Tuesday, Mar 20, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Mar 20, 2007 ePaper |
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Markets
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IPOs Corporate - Alliances & Joint Ventures Our Bureau
New Delhi March 19 Fortis Healthcare has announced a pre-IPO agreement with Trinity Capital (Eight) Ltd for 6 million shares for Rs 87 crore. The equity shares issued pursuant to the pre-IPO agreement shall be subject to lock-in after the completion of the IPO, as per SEBI regulations. "We are happy that an existing shareholder like Trinity which had bought two million shares in January this year, has increased its shareholding in the company by another 6 million shares," said Mr Shivinder Mohan Singh, Managing Director, Fortis Healthcare and Escorts Heart, in a company statement. Fortis has already entered into two other pre-IPO agreements. The first was for 11.92 million equity shares, with private equity firms Quantum (M) Ltd and Blue Ridge Ltd Partnership and Blue Ridge Offshore Master Ltd Partnership (Blue Ridge) for $33.33 million end of last year. The second announcement made early this year was for an agreement with Lord Bagri, Apurv Bagri of Metdist Group (a million shares each) and Trinity Capital (2 million shares) for 4 million shares at an investment of Rs 56 crore. Fortis currently has 11 hospitals, most of them situated in North India, but the company hopes to have a pan India presence after the IPO. These include new greenfield projects and medical institutions.
More Stories on : IPOs | Alliances & Joint Ventures | Medical Institutions & Hospitals
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