New Delhi: The Fortis Healthcare board on Wednesday gave the company the go-ahead to raise Rs 2,750 crore through fresh issue of securities, including shares, and also increased the company’s borrowing limit to Rs 6,000 crore.

The company did not specify the reason for raising fresh funds, but said “all options to deal with potential investment opportunities have been kept open”. Analysts see this as a possible preparation for a counter bid for garnering more shares in the Singapore-headquartered Parkway Holdings.

“This is an indication for the first step to make a counter offer,“ said Vishal Gandhi, VP Life Sciences & Technology, YES Bank.

On May 27, Malaysian sovereign fund Khazanah launched a surprise $835-million bid to increase its stake in healthcare group Parkway to 51.5% from 24% holding at present. Fortis owns 25.37% stake in Parkway and will have to make a counter offer if it wants to retain control of the hospital chain.

“The specific instrument, size and timing of issue of securities will be decided by the board based on the advice of merchant bankers, book runners and lead managers,” Fortis said in a statement.

A Mumbai-based analyst said the fund-raising plan approved by the board would not be enough to finance the Indian healthcare company’s counter bid. “Unless there is some provision to make a limited offer. Fortis needs more money or outside support,” he said, asking not to be named.

Unlike Khazanah, which made a partial offer to increase its stake to 51.5%, Fortis Healthcare may have to make an offer to acquire the entire residual 74.63% stake in Singapore hospital chain Parkway Health if it makes a counter bid.

This is because as per takeover regulations for companies listed on the Singapore Stock Exchange, an acquirer cannot make a partial offer within six months of buying stake in a listed company. So, Fortis has to arrange for at least $2.3 billion to better Khazanah’s bid.

In March, Delhi-based Fortis Healthcare bought private equity TPG’s 23.9% stake in Singapore’s Parkway Holdings for $685 million (about 3,100 crore) and later increased it to 25.37%. Parkway is a key asset for Fortis and its owners Malvinder and Shivinder Singh, plan to use the Singapore hospital chain as a vehicle to realise their dream of creating a global healthcare company.

Fortis is currently in the process of raising about Rs 3,000 crore through a combination of overseas equity convertible bonds and warrants to repay bridge loans that were used to fund the acquisition of TPG’s stake in Parkway.

So far, it has raised $100 million through overseas bonds and Rs 380 crore by selling 6.58% stake to Singapore’s fund house GIC. It can also convert nine crore warrants worth about Rs 1,700 crore which expires in May 2011. Once the funds are raised, Fortis expects to reduce its debt-equity ratio from current 2.5:1 to 0.6:1.

Parkway’s shares at Singapore Exchange closed at $3.77, up 1.617%. In Mumbai, Fortis share price remained almost unchanged at Rs 140.4.