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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 GICs 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 / 08:59, Aug 25, 2014
The outlook is a flat start. The BankNifty has given a breakout but many of the large caps are remaining in a range keeping the main indices under pressure.