Fortis Healthcare plans to raise 15.50 billion rupees via floating rate bonds
Mumbai: Fortis Healthcare is planning to raise 15.50 billion rupees through the sale of floating-rate bonds maturing in five years, according to three bankers. The bids have been invited from bankers and investors for the issue on Tuesday.
The issuer will sell these bonds at a spread of 192 basis points over the 12-month Mumbai Interbank Forward Offer Rate (MIFOR) and the coupon will be reset annually. Fortis Healthcare did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Dec. 13: Issuer Tenure Coupon (in %) Issue size (in Bidding Rating bln rupees)* date Fortis 5 years spread over 15.50 Dec. 17 AA (Crisil) Healthcare MIFOR REC 10 years and 4 To be decided 7+33 Dec. 17 AAA (Crisil, months Icra, Care) REC 15 years To be decided 5+20 Dec. 17 AAA (Crisil, Dec 2039 reissue Icra, Care) NHB 6 years, 9 months To be decided 10+30 Dec. 17 AAA (India and 14 days Ratings, Care) 15 years To be decided 20+26 Dec. 16 AAA (India NPCIL Ratings) 2 years 7.75 10 Dec. 12 AAA (Icra) Sundaram Finance L&T 3 years 7.75 5 Dec. 12 AAA (Crisil) Finance 5 years and 5 7.40 48.64 Dec. 12 AAA (Crisil, NABARD months Icra) IRFC 10 years 7.09 23.45 Dec. 12 AAA (Crisil, Icra) * Size includes base plus greenshoe for some issues ($1 = 84.8360 Indian rupees)
Medical Dialogues team had earlier reported that Fortis Healthcare's board had approved raising up to Rs 1,500 crore through the issuance of non-convertible debentures via private placement.
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