Fortis health care enters capital market

Mumbai, May 9 (UNI) Fortis health care limited, a Ranbaxy promoter group company, was listed today on the bourses.

One of the two leading players in domestic health care space, Fortis has entered the capital market with 22.66 crore equity shares with a face value of Rs 10 each and a issue price of Rs 108.

In early trade, the company was seen hovering at Rs 105.90, a discount of 1.9 per cent over the IPO price of Rs 108. The stock debuted at Rs 105.

Fortis will raise Rs 493 crore from equities, which will be deployed for 'aggressive' expansion in domestic health care market, said Fortis CEO Shivinder M Singh.

''The focus is mainly on superspeciality sector where two new ventures will be floated soon in Vashi and Jaipur. We strongly believe that the investors will benifit from Fortis,'' he said.

This apart, the company also plans greenfield projects in Jaipur, Delhi and Gurgaon to scale up the current bed capacity of 1,800 to 6,000 over the next few years.

Talking to reporters here, Mr Shivinder also hinted future acquisitions Fortis plans in domestic health care market and said that talks were on with industry players in this regard.

Fortis Healthcare, which runs 12 hospitals in northern India, is a leading player in the nascent healthcare services market that had first forayed into the healthcare space in 2001.

The hospitals include Escorts Heart Institute and Research Centre (EHIRC) in Delhi, other Escorts hospitals in Amritsar and Faridabad and the Fortis Hospitals in Amritsar, Noida and Mohali.

The company also operates 16 satellite 'Heart Command Centres' in other hospitals.

UNI