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Corporate Mar 29, 2012

Fortis in talks with PE players to sell 20% stake: report

Hospitals chain Fortis Healthcare India Ltd is in talks with private equity firms Carlyle Group and TPG Capital India to sell a 15-20 percent holding, the Mint reported on Thursday, citing sources close to the development.

Reacting to the news report the stock gained 1. 5 percent on the BSE to trade at Rs 101.55.

The company aims to raise around $250 million through a combination of equity and convertible debt instruments from the PE firms, the newspaper said, adding a deal could happen over the next two weeks.

Malvinder Singh, Chairman of Fortis

A spokeswoman for Fortis told Reuters the report was "baseless", while a Carlyle spokesman said he had no comment. Officials at TPG Capital could not be immediately reached.

The founders of the Fortis Healthcare, billionaire Singh brothers Malvinder and Shivinder, also plans to sell 6.5% of their stake through a stock auction, the newspaper said.

The hospitals chain is planning to add 600 beds to its capacity of 4,100 beds, its Chief Executive Aditya Vij told Reuters in February.

Reuters

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