News: Trinity buys more Fortis shares

(TT 20/03/2007) Mumbai - Trinity Capital (Eight), a London Stock Exchange-listed entity that invests in real estate and real estate entities, is acquiring 6 million shares of Fortis Healthcare for Rs 87 crore in a pre-IPO allotment. Trinity had acquired 2 million shares of Fortis early this year.

Ranbaxy group’s Fortis is a private healthcare company. It had signed two pre-IPO agreements in December last year and another in January to allot 4 million shares for Rs 56 crore.

Fortis said, according to Sebi regulations, the equity shares issued after the pre-IPO agreement will be subject to a lock-in after the completion of the public issue. Fortis today said the number of shares to be issued to the public will be reduced after this agreement.

Shivinder Mohan Singh, managing director of Fortis Healthcare and Escorts Heart, said, “We are happy that an existing shareholder like Trinity, which had bought two million shares in January this year, has increased its shareholding in the company.”

Fortis has a network of 11 hospitals, primarily in north India, and 16 satellite and heart command centres.

The hospitals include multi-specialty and super-specialty centres providing healthcare to patients in cardiac care, orthopedics, neurosciences, oncology, renal care, gastroenterology and mother and child care.

Last year, Fortis had issued shares to Quantum, Blue Ridge Ltd Partnership and Blue Ridge Offshore Master Ltd Partnership (Blue Ridge) for an aggregate amount of up to $33.33 million.