Fortis to comes out with IPO on April 16

Hyderabad, Apr 14 (UNI) Fortis Healthcare Limited, a private healthcare company from Ranbaxy group, is entering the capital market with an Initial Public Offer (IPO) of 45,996,439 equity shares of Rs 10 each for cash at a premium to be decided through a 100 per cent book building process.

The Company proposes to allot 242,476 equity shares to eligible employees in the firm allotment portion. The Price Band for the issue has been fixed between Rs 92 and Rs 110 per equity share, according to a press release.

The Issue opens for subscription on April 16, 2007, and closes on April 20, 2007. The Net Issue is expected to constitute 20.19 per cent of the post-Issue paid-up equity share capital of the Company.

The shares are proposed to be listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE).

The Company has concluded pre-IPO allotments of 10,670,194 equity shares with four entities at prices ranging from Rs 135 to Rs 159.50 per share aggregating to Rs 1,536.90 million during the period between January 5, 2007, and March 20, 2007. Of the Net Issue to the public, at least 60 per cent shall be allotted to Qualified Institutional Buyers (QIB). Within the QIB portion, 5 per cent will be available for allocation to mutual funds only, the Company said in a release here today.

UNI