Singapore’s sovereign wealth fund (SWF) GIC Special Investments now owns a 6.25 percent interest in Indian hospital chain operator Fortis Healthcare (India), The Wall Street Journal reports. The SWF has acquired the stake after it converted the bonds held by it into shares.
GIC-affiliated Lathe Investment had purchased the bonds in May last year. Fortis made the bond issue when it needed funds to fight Malaysian sovereign wealth fund Khazanah Nasional for control of Singapore hospital chain operator Parkway Holdings. It later backtracked and sold its 25 percent Parkway holding to Khazanah.
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