Mumbai, Oct. 19: Fortis Healthcare Ltd today announced that Religare Health Trust (RHT) has raised Singapore $510.7 million (Rs 2,260 crore) by listing its units on the Singapore Stock Exchange.
Fortis is the main sponsor of the trust.
RHT will use the funds raised from the flotation to repay debt and other liabilities incurred for the acquisition of hospital services companies and the initial portfolio, the company said.
After the listing, Fortis will continue to hold a 28 per cent stake in RHT through its wholly owned overseas subsidiary.
The listing marks the largest initial public offering of a business trust sponsored by an Indian company in Singapore. It is also the second largest primary listing in Singapore this year.
Fortis Healthcare, set up by the Singh brothers Malvinder and Shivinder, is an integrated healthcare delivery provider that has built a network in various countries across the Asia-Pacific. It has a pan India presence with 66 healthcare delivery facilities. It has a presence in Hong Kong, Singapore, Vietnam and Australia among others.
“The increasing demand-supply gap in healthcare delivery requires a significant increase in investment. By pursuing this model, we are focusing on our core strength of delivering superior healthcare services with an emphasis on specialisation,” said Malvinder Singh, executive chairman of Fortis Healthcare Ltd.
He said while Fortis had been following an asset light strategy, it was also aligning its business with internationally emerging trends wherein healthcare delivery models were evolving towards innovative and cost-effective methods.
The Fortis stock rose marginally on the BSE to close at Rs 104.20.