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This story is from October 6, 2006
Promoters of Fortis plan stake sale to Soros fund
The promoters of Fortis Healthcare, is close to selling a portion of their stake in the company, ahead of the proposed IPO.
A fund owned by George Soros — Soros Private Equity Partners — and Blue River Capital are investing $50 million for a 10% stake in Fortis, according to sources.
The private equity placement values Fortis at $500 million. When contacted Fortis Healthcare officials were unavailable for comment.
Recently, the hospital chain filed a draft prospectus with Sebi for an IPO of around 57 million shares. The money raised will be used for repayment of loans taken to acquire Escorts Heart Institute and Research Centre and for expansion. Part of proceeds will also be used in the construction of two hospitals in National Capital Region.
Out of the net offer to the public, at least 60% would be allocated to qualified institutional buyers, 5% of which will be available for MFs. Non-institutional investors would be allotted up to 10% of offering, while retail investors would be issued not less than 30%. JM Morgan Stanley, Citigroup Global Markets and Kotak Mahindra Capital are lead managers.
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