Fortis avails Rs 1,100 cr loan from Citibank

Fortis Healthcare on Tuesday said it has inked a pact with Citibank to avail a loan of Rs 1,100 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, Fortis Healthcare said in a regulatory filing.

The board of Fortis Healthcare had approved in July last year a proposal from IHH Healthcare to invest Rs 4,000 crore by way of preferential allotment for a 31.1 per cent stake.

Fortis shares Tuesday ended 0.90 percent down at Rs 138.15 on the BSE.

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