Fortis Health Signs Rs 87-cr Pre-IPO Deal

Fortis Healthcare has signed a pre-IPO agreement with Trinity Capital (Eight) Ltd for 6 million shares for Rs 87 crore. The equity shares issued pursuant to the pre-IPO agreement shall be subject to lock-in after the completion of the IPO, as per SEBI regulations. Fortis has already entered into two other pre-IPO agreements. The first was for 11.92 million equity shares, with private equity firms Quantum (M) Ltd and Blue Ridge Ltd Partnership and Blue Ridge Offshore Master Ltd Partnership (Blue Ridge) for $33.33 million end of last year. The second agreement with Lord Bagri, Apurv Bagri of Metdist Group (a million shares each) and Trinity Capital (2 million shares) for 4 million shares at an investment of Rs 56 crore. At present, Fortis has 11 hospitals, most of them situated in North India, but the company hopes to have a pan India presence after the IPO. These include new greenfield projects and medical institutions.