India: Cash-strapped Fortis board to consider fundraising on Friday

Cash-strapped Fortis Healthcare Ltd, which is in the process of finding a new investor, said Wednesday its board would meet on 13 July to consider raising funds through issue of securities on a preferential allotment basis. The Fortis Healthcare board will meet “to consider, and if thought fit, approve raising funds through issue of securities on a preferential allotment basis”, it said in a regulatory filing. It, however, did not disclose details of the quantum of funds to be raised.