"Fortis Healthcare will get 510 million Singapore dollars and we will also get 28% equity interest in this listed company. We will use that money for strengthening our balance sheet and also for reducing our debt levels," Malvinder Singh, Chairman of Fortis Healthcare told CNBC-TV18 in an interview.
Singh expects the debt-equity to eventually come down to 0.5 times post infusion. "We expect growth to continue at 20% in the Indian market," he assured adding, the transaction will be EPS accretive for Fortis.
The copy will be updated with the full interview transcript shortly.
Q: Can you take us through the stake sale that helped you raise 510 million Singapore dollars? Under what entity are you raising this money and what will you use it for? What is in it for investors?
A: This has been in works for last two to two-and-a-half years -- creating a business trust, an asset-light model for a healthcare business. We have listed the Religare Health Trust where we have raised 510 million Singapore dollars. We have also retained 28 percent equity stake in this company, which we have just listed in the Singapore stock exchange.
More to come...
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