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GIC not to participate in Fortis' preferential funding: report

India Infoline News Service/ 09:18 , Jun 28, 2010

Fortis promoters was quoted as saying that GIC’s decision to defer investment in their company was “mutual”, as GIC wanted to evaluate the prospects of being part of a larger fund raising plan of Fortis.

Singapore's GIC Special Investments Pte Ltd has reportedly deferred its plan to invest around Rs3.8bn to buy a minority stake in Fortis Healthcare. Fortis promoters was quoted as  saying that GIC’s decision to defer investment in their company was “mutual”, as GIC wanted to evaluate the prospects of being part of a larger fund raising plan of Fortis.


Fortis had, on June 9, taken an enabling resolution to raise up to Rs87.5bn in debt and equity if required. The GIC decision has left Fortis with a shortfall of around Rs4bn in cash, as the amount was expected to come as equity, the report stated.

 



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