Fortis Healthcare fixes its offer price at Rs 108

Fortis Healthcare (the "Company"), one of the largest private healthcare companies in India* and a Ranbaxy promoter group company, has fixed the Issue price at Rs 108 per equity share for its initial public offer (IPO) of 45,996,439 equity shares of Rs 10 each for cash at a premium decided through a 100% book building process. The Company proposes to allot 242,476 equity shares to eligible employees under the firm allotment portion. The price band for the Issue was fixed between Rs 92 and Rs 110 per equity share.

The Issue opened for subscription on April 16, 2007 and closed on April 20, 2007. The Issue was oversubscribed 2.78 times (with the QIB portion being oversubscribed 2.72 times, the non-Institutional portion being oversubscribed 1.74 times and the Retail portion being oversubscribed 3.26 times). The Net Issue is expected to constitute 20.19% of the post-Issue paid-up Equity Share capital of the Company. The Equity Shares are proposed to be listed on the Bombay Stock Exchange Limited ("BSE") and the National Stock Exchange of India ("NSE").

Mr. Shivinder Mohan Singh, Managing Director, Fortis Healthcare Limited, said, "We are very happy with the response to the IPO. We have received over 1.2 lakh applications and I thank all investors for their confidence in our Company's future."

The Book Running Lead Managers to the Issue are J M Morgan Stanley Private Limited, Citigroup Global Markets India Private Limited and Kotak Mahindra Capital Company Limited.