Fortis in pre-IPO pact with McKinsey arm

New Delhi, Mar 22 (UNI) Leading healthcare firm Fortis Healthcare Ltd today announced the signing of a pre-IPO agreement for allotment of 6.7 lakh equity shares to Vasco Inc, an investment arm of McKinsey&Company, for Rs 10.69 crore.

Vasco has been allotted the equity shares at a fixed price of Rs 159.50 per share. The equity shares issued pursuant to the pre-IPO agreement shall be subject to lock-in after the completion of the IPO, as per SEBI regulations.

FHL had recently signed a pre-IPO agreement with Trinity Capital for allotment of six million shares for Rs 87 crore.

The company had earlier signed two pre-IPO agreements in December 2006 and January 2007 for allotment of a total of four million shares for Rs 56 crore.

''Last year, McKinsey helped us create our vision, mission and growth strategy for the next five years and in the process, have gained an understanding of our organization and the opportunity in the healthcare sector,'' Fortis Healthcare and Escorts Heart Managing Director Shivinder Mohan Singh said.

Subsequent to this and previous pre-IPO investments, the number of equity shares to be issued to the public in the IPO will be further reduced to the extent of the number of equity shares issued in the pre-IPO investments, the company said.

UNI