Fortis Healthcare inks pact with Citibank to avail a loan of Rs 1100 crore

Fortis Healthcare has inked a pact with Citibank to avail a loan of Rs 1100 crore in order to take care of its contractual commitments and strategic objectives. The loan agreement was executed on January 10, with certain CPs (commercial papers) for disbursal being fulfilled on January 14. The board of Fortis Healthcare had approved in July last year a proposal from IHH Healthcare to invest Rs 4000 crore by way of preferential allotment for a 31.1 percent stake. Meanwhile, Fortis has completed the acquisition of RHT Health Trust (RHT) assets. In February last year, Fortis had announced that it has entered into definitive deals with RHT to acquire the entire portfolio of assets of the Singapore-listed entity for Rs 4650 crore. Consequently, International Hospital, Fortis Health Management, Escorts Heart and Super Specialty Hospital, Hospitalia Eastern, and Fortis Hospital have become wholly-owned subsidiaries of the company. The transaction was approved by an overwhelming majority of Fortis shareholders with a voting in favor of the transaction in excess of 99 percent.