Sensex 29681.77 122.59 0.41%
Nifty 8952.35 38.05 0.43%
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.
India Infoline News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.