Fortis announces pre-IPO placement

NEW DELHI: Ranbaxy-promoted Fortis Healthcare today announced pre-IPO placement of 4 million shares to Lord Bagri, Apurv Bagri of Metdist Group and Trinity Capital. The three investors will together invest $ 12.4 million.

While Raj Kumar Bagri and Apurv Bagri have been alloted 1 million shares each, Trinity has been alloted two million shares. The equity shares issued pursuant to the pre-IPO agreements, shall be subject to lock-in after the completion of the IPO, as per Sebi regulations.

"We are happy to have these quality investors on board with the pre-IPO placement." He added, "A diverse range of investors are showing interest in the Indian health care sector and in Fortis," said Shivinder Mohan Singh, MD, Fortis Healthcare and Escorts Heart.

Raj Kumar Bagri and Apurv Bagri are the chairman and MD of the Metdist Group of Companies respectively. The $800-million Metdist Group is a global metal trading firm based in London, UK and has a presence in UK, Malaysia, Thailand, China, UAE and India.

Last month, Fortis had earlier signed two pre-IPO agreements with Quantum mutual fund and Blue Ridge. A maximum of 5.96 million equity shares will be issued to each of the two investors for an aggregate amount up to $ 33.33 million.

Fortis plans to come out with an IPO to raise Rs 730 crore.