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Wednesday, October 04, 2006

Fortis Healthcare files DRHP with Sebi

Fortis Healthcare, which believes that it is one of the largest private healthcare companies in India, based on the number of hospital beds according to information provided by CRIS-INFAC’s report published in 2005, and promoted by the promoters of Ranbaxy Laboratories, has filed its draft red herring prospectus, DRHP with the Securities and Exchange Board of India, Sebi on September 29, 2006 with its proposal to enter the capital market with its initial public offering, IPO of equity shares, as per press release.

The company proposes to offer 5,66,66,633 equity shares of Rs 10 each for cash at a premium to be decided through the 100% book-building process to be listed on the Bombay Stock Exchange and the National Stock Exchange.

Fortis Healthcare also proposes to allot 5,00,000 equity shares to eligible employees of the company in the firm allotment portion.

Of the net offer to the public, at least 60% of the offering will be allocated to qualified institutional buyers on a proportionate basis, 5% of which will be available for allotment to mutual funds registered with the Securities and Exchange Board of India. Not less than 10% of the offering will be available for allocation to non-institutional investors and not less than 30% of the offering will be available for allocation to retail investors on a proportionate basis.

Fortis Healthcare currently has a network of 12 hospitals primarily in north India and 15 satellite and heart command centers in hospitals across the country and one heart command center in Afghanistan. The hospitals include multi specialty hospitals, as well as super-specialty “centers of excellence” providing tertiary and quaternary healthcare to patients in key areas such as cardiac care, orthopaedics, neuro-sciences, renal care, pulmono –thoracic surgery and diabetic care. Besides these, the company also manages Fortis La Femme, a “boutique” style hospital that focuses on women’s health and maternity care.

The book running lead managers to the issue are JM Morgan Stanley Private Limited, Citigroup Global Markets India Private Limited and Kotak Mahindra Capital Company Limited.


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