India’s Fortis Group, controlled by billionaire brothers Malvinder and Shivinder Singh, plans to list two of its health care entities in Singapore in public offers worth up to US$1.5 billion ($1.8 billion), IFR reported on Friday.
New Delhi-based hospital chain Fortis Healthcare (FOHE.NS), plans to spin off its assets into a business trust that will list on the Singapore exchange in a US$500 million initial public offering, IFR said.
The company also received an approval from its board earlier this month to acquire an 86% stake in Super Religare Laboratories, a diagnostic services firm, and is targeting to open at least 25 hospitals in India’s second and third-tier towns over the next two years.
Citigroup, Nomura, RBS, Religare Capital Markets and Standard Chartered have been mandated for the Singapore listing.
Singapore-based Fortis Global Healthcare, the global arm of the group and owned by the Singh brothers, is also planning a share offering worth up to US$1 billion, said IFR, a unit of Thomson Reuters.
The company’s assets include Quality Healthcare in Hong Kong, a stake in Dental Corporation in Australia and a 28.6% stake in Lanka Hospitals Corp Plc (LHCL.CM) in Sri Lanka.
DBS Bank and Religare Capital Markets have been mandated for the listing.
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