Here are 2 threats to Religare Healthcare Trust's weak share price

Near term equity raising still unlikely.

Nomura hosted RHT management over two days at the Nomura’s ASEAN All Access conference held from 28 Feb-1 Mar at the Fullerton Hotel, where Mr Gurpreet Dhillon, Chief Operating Officer and Mr Pawanpreet Singh, Chief Financial Officer met various investors. 

According to Nomura, the share price has been weak lately because of: 1) negative India macroeconomic data; and 2) the perceived risk of potential equity dilution.

Regarding the latter aspect, management has said that a nearterm equity raising is unlikely owing to the cheaper cost of debt and lower gearing.

Here's more:

We also understand that management is reviewing proposals for further asset injections, which could include sponsormanaged and not-owned assets as well as third-party assets in India. 

Even without the acquisition of further assets, we understand that RHT’s portfolio of 17,000 operating beds could potentially be increased to over
30,000 with minimal capex.

As RHT’s fee structure involves a 7.5% sharing of underlying hospital revenues via variable fees, we think that there are sufficient growth opportunities within the IPO portfolio itself. 

In terms of portfolio acquisitions, management reminded investors that these could include not only Fortis-owned hospitals but also Fortis managed and not-owned assets, as well as third-party assets within India.

In fact, we understand that management is reviewing several transactions and we could probably expect an injection in the next 3-6 months subject to shareholder approval. 

Management understands that related party transactions (eg, with the sponsor) would require a shareholder vote. As mentioned by the COO, yield
accretion is thus one of the key investments metrics adopted by RHT.