Reuters: Mergers News: Fortis Healthcare in stake-sale talks with PE firms-report

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Fortis Healthcare in stake-sale talks with PE firms-report Mar 29th 2012, 04:16 March 29 | Thu Mar 29, 2012 12:16am EDT March 29 (Reuters) - Hospitals chain Fortis Healthcare India Ltd is in talks with private equity firms Carlyle Group and TPG Capital India to sell a 15-20 percent holding, the Mint reported on Thursday, citing sources close to the development. The company aims to raise around $250 million through a combination of equity and convertible debt instruments from the PE firms, the newspaper said, adding a deal could happen over the next two weeks. A spokeswoman for Fortis told Reuters the report was "baseless", while a Carlyle spokesman said he had no comment. Officials at TPG Capital could not be immediately reached. The founders of the Fortis Healthcare, billionaire Singh brothers Malvinder and Shivinder, also plans to sell 6.5 percent of their stake through a stock auction, the newspaper said. The hospitals chain is planning to add 600 beds to its capacity of 4,100 beds, its Chief Executive Aditya Vij told Reuters in February.

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