On Tuesday, chain of Indian hospitals, Fortis Healthcare said that it is planning to raise up to $185 million during this year. The money will be raised by allotting preferential shares and also through the use of foreign currency convertible bonds.

The company needs the amount to be able to fuel its acquisitions.

The firm said that it will be issuing 22.35 million shares with the face value of Rs. 170 on a preferential basis. This will help it to raise $85 million and the issuance will be done in favor of a Singaporean state investment firm, GIC Special Investments Pte Ltd.

The private equity and infrastructure arm of the fund will be receiving these shares. And Religare Capital is going to be the sole adviser and arranger of the issue.

Out of the total amount, $100 million will be raised through foreign currency convertible bond way. The maturity period of these will be five years.

Meanwhile, Fortis is looking forward to buy 23.9 per cent stake in Singapore's Parkway Holdings. It will buying the shares of US firm, TPG Capital and will cost Fortis $685 million.