Fortis eyes Rs 2,000 cr from Singapore listing

Fortis Healthcare plans to list its clinical establishment division, which comprises radiology and outpatient departments of 16 hospitals.

Fortis Healthcare on Tuesday said it aims to raise around Rs 2,000 crore by listing its clinical establishment division on the Singapore stock exchange.

The company that has a debt of around Rs 5,000 crore also said part of the proceeds will be used to cut the burden.

The board of directors, of the company, in its meeting on Tuesday, has granted an in-principal approval for the future listing of the division, on the Singapore Exchange Securities Trading Ltd.

"We are looking for over Rs 2,000 crore through this listing," Fortis Healthcare Ltd Group CEO Vishal Bali said.

He, however, did give any timeline for the listing of the clinical establishment division, which comprises radiology and outpatients departments of 16 hospitals, including four new facilities.

Bali said the company is recasting its business into clinical establishment division and medical services division.

The medical services division will focus on in-patient care in hospitals.

When asked how the proceeds of the listing will be utilised, he said it would be used to pare debt that stands at Rs 5,000 crore.

The listing will be accomplished through the Religare Health Trust, a business trust whose mandate is to invest in medical and healthcare assets and services in Asia, Australasia and emerging markets, Fortis Healthcare said.

Commenting on Fortis Healthcare expansion plans, Bali said: "The company also plans to add close to 1,800 beds in this year and 2,500 beds are likely to be added in next three to four years."