 New Delhi : Fortis Healthcare will take short-term loan to part finance its acquisition of 23.9% stake in Singapore-based Parkway Holdings.
The company will also use money raised through a recent rights issue for funding of the deal. Fortis has acquired 23.9% stake in Singapore's Parkway Holdings from US fund TPG Capital for $685 million. The deal will enable Fortis to have a foothold in Singapore and Malaysia and make it the biggest private hospital network in Asia.
Fortis Healthcare MD Shivinder Mohan Singh said the company will fund the deal through Rs 200 crore funds that it had raised through a rights issue in 2009. ``In the interim course, we will do a bridge financing through debt," Singh said. He said that the company has already tied up the debt fund and it would close the Parkway deal next week.
|
