Fortis Healthcare Said to Seek Short-Term Bridge Loan to Fund Parkway Bid
Fortis Healthcare Ltd., India’s second-biggest hospital operator, is in talks with banks on a loan to part-fund its bid for the rest of Singapore’s Parkway Holdings Ltd., two people familiar with the matter said today.
Fortis, based in New Delhi, is holding preliminary discussions with State Bank of India, IDBI Bank Ltd. and Axis Bank Ltd. on a bridge loan maturing in six to 12 months, said the people, who declined to be identified as talks are private.
The company, run by billionaire brothers Malvinder and Shivinder Singh, offered about S$3.2 billion ($2.3 billion) for the 75 percent of Parkway it doesn’t already own, topping a takeover offer by Malaysia’s sovereign wealth fund for Asia’s largest hospital operator.
To contact the reporter on this story: Suprotip Ghosh in Mumbai at Sghosh47@bloomberg.net.