(Jan 5): Fortis Healthcare is seeking a cash injection of as much as US$790 million ($1.05 billion) as part of its billionaire founders’ talks to sell their stake in India’s second-largest private hospital chain.

Malvinder and Shivinder Singh have been in talks with private equity firms for the past year to sell their 34% stake in Fortis to pay down debt at their holding company, Fortis President Daljit Singh said in an interview Thursday. The deal could also include as much as 50 billion rupees ($1.05 billion) of fresh capital for Fortis that would be used to partly finance the acquisition of its Singapore-based trust, announced in November.

Fortis is also exploring other structures for a capital infusion, which could result in dilution for existing shareholders, Singh said from the company’s headquarters in Gurgaon, outside New Delhi. Fortis has a market value of about US$1.3 billion.

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