Indian banks have assured Fortis Healthcare (FOHE.BO) they would give US$2 billion ($2.75 billion) the hospital chain may need for a takeover battle for Singapore's Parkway Holdings (PARM.SI), the Economic Times reported on Monday. 

Singapore’s securities regulator has given Fortis until July 30 to say whether it intends to make a full offer for hospital operator Parkway, the subject of a partial takeover bid by Malaysian sovereign fund Khazanah.

 

Fortis, which already holds roughly 25% of Parkway, will have to offer over US$2.3 billion to buy the rest of it. 

 

Lenders such as State Bank of India (SBI.BO), Axis Bank (AXBK.BO), Punjab National Bank (PNBK.BO) and Yes Bank (YESB.BO) have given their “in-principle” commitment for the loan, the Economic Times said, citing a person close to the matter. 

 

Citing an unnamed Yes Bank executive, the newspaper said, the private lender had committed 5 billion rupees ($148.7 million) to Fortis if the Indian firm decides to place a counter bid for Parkway Holdings. 

 

Officials at Fortis and the banks could not immediately be reached by Reuters for comment. 

 

Fortis had wanted to build a controlling stake in the Singapore company before Khazanah made a surprise US$835 million offer last month to lift its stake from 23.5% to 51.5%.