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The corporate hospital chain major, however, did not specify the quantum of loan and the portion of internal accruals to be used for funding the deal.
"We will fund the deal through some internal accruals and the rest through a bridge-loan," Fortis Healthcare managing director Shivinder Mohan Singh said here today.
The company has an option to raise up to Rs 1,250 crore through foreign currency convertible bonds (FCCBs) and another Rs 1,700 crore by issuing warrants at current market prices. This money would be used for repaying the loans.
"We will take loan as an interim measure. It would be paid back through FCCBs and warrants. We have permission to raise up to Rs 1,250 crore through FCCBs...We have nine crore warrant issue outstanding through which we can raise Rs 1,700 crore at the current market price," Singh said.
Fortis yesterday said it would acquire 23.9 per cent stake in the Singaporean healthcare services provider firm Parkway Holdings for about USD 685.3 million.
The shares of Fortis Healthcare today closed 1.62 per cent higher at Rs 181.25 on the BSE after surging over 5 per cent intra-day, a day after the company's announcement to acquire 23.9 per cent stake in Singapore-based healthcare firm Parkway Holdings.
Shares of the company after opening firm on the BSE, soared 5.13 per cent to touch an year-high level of Rs 187.50.
Similarly, on the National Stock Exchange it climbed 1.71 per cent to end at Rs 181.
A total of 1.60 crore shares of Fortis changed hands on both the bourses.
Earlier in the day, the company said it will fund the Rs 3,200-crore acquisition through a mix of loan and internal accruals. The company has an option to raise up to Rs 1,250 crore through FCCBs and another Rs 1,700 crore by issuing warrants at current market prices. This money would be used for repaying the loans.
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