Fortis Healthcare has amended the terms of its previously listed INR 1,550 Crore debentures. Key changes include revised spread rates and security arrangements. The spread is now 192 basis points prior to the first interest reset date and 150 basis points thereafter. The debentures are now unsecured, but a negative lien has been placed on 25,217,126 equity shares of Agilus Diagnostics Limited. The changes took effect on December 3, 2025.
Debenture Term Modifications
Fortis Healthcare Limited has announced revisions to the terms of its INR 1,55,000 secured, senior, rated, listed, rupee-denominated, redeemable, non-convertible debentures, which aggregate to INR 1550,00,00,000 (INR 1,550 Crore).
Revised Spread
The spread on the debentures has been revised. It is now 192 basis points before the first interest reset date. After this date, the spread will be 150 basis points.
Arranger & Structuring Fee
The Arranger and Structuring Fees have been adjusted to 40 bps p.a. for The Hongkong and Shanghai Banking Corporation Limited, Mumbai and Mizuho Bank Ltd and 36 bps p.a. for DBS Bank India Limited.
Security Status
The Debentures are now unsecured. Previously, they were secured by a pledge on shares of Agilus covering 1.33x of debt. A negative lien has been placed on 25,217,126 equity shares of Agilus Diagnostics Limited held by Fortis Healthcare Limited.
Shareholding Covenant
The dilution of IHH’s shareholding in Fortis through a merger of any subsidiary (including Malar, Agilus etc) into FHL will now provide additional flexibility. No prior approval from Investor is required for the dilution of stake in Agilus Diagnostics Ltd up to 51% through IPO or otherwise.
Effective Date
These changes were formalized on December 3, 2025, following an in-principle approval from BSE Limited on November 13, 2025.
Source: BSE