Fortis board to meet for fundraising

Cash-strapped Fortis Healthcare, which is in the process of finding a new investor, said its board will meet on July 13 to consider raising funds through issue of securities on a preferential allotment basis.

The company had received binding bids from Malaysia’s IHH Healthcare and Manipal-TPG combine on July 3.

In a regulatory filing on Wednesday, the company said its board would meet on July 13 “to consider, and if thought fit approve raising funds through issue of securities on a preferential allotment basis.” The company, however, did not disclose the quantum.

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