Fortis Healthcare To Invest Rs 25cr In Malar Hospitals

Chennai: Fortis Healthcare Ltd proposes to infuse up to Rs 25 crore into Malar Hospitals to upgrade facilities. Fortis Healthcare, via its wholly owned subsidiary, International Hospital Ltd and Oscar Investments Ltd, a promoter group company, bought Malar Hospitals. IHL purchased 28 per cent (39 lakh shares) of the current equity base of 1.39 crore shares of Malar Hospitals from its promoters at Rs 30 per share. As per the contract inked by Fortis and Malar Hospitals, International Hospital and Oscar Investments together would settle Malar Hospital''s Rs 14-crore debt, which will be converted into equity thereby expanding the equity capital of the company. As a result, Fortis will get another 25 per cent of the expanded capital via preferential allotment.