Apollo Hospitals plans to raise Rs 330 cr via QIP

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Apollo Hospitals plans to raise Rs 330 cr via QIP
Apollo Hospitals, a major hospital chain has launched an institutional share sale to raise Rs 330 crore via Qualified Institutional Placement (QIP). The firm plans to use these funds for expansion purpose.

The company has fixed floor price at Rs 491.29 per share, Chief Financial Officer Akhileswaran Krishnan said in an interview.

Enam, Citigroup and Nomura are the bankers for QIP.

Apollo Hospitals is a private healthcare provider founded by Dr. Prathap C. Reddy in 1983. It has presence in many countries apart from India like Srilanka, Bangladesh, Nigeria, Qatar, Oman, etc.

The company aims to invest about Rs 1,100 crore on expansion. It has already invested Rs 270 crore and obtained shareholders' approval to raise up to Rs 900 crore through an institutional share sale and the issue of non-convertible debt.

Apollo Hospitals have over 8,500 beds across 54 hospitals in the country and it plans to add another 2,400 beds by March, 2014.

Apollo Hospitals has also opened a day surgery facility in the Alwarpet, Chennai, that allows patients to recover at home after an operation. It will also house a 24-hour emergency unit and a chest pain clinic for cardiac patients.

“This will be a state-of-the-art facility designed to motivate patients going in for elective surgeries and also those requiring short-stay surgeries," said Prathap C. Reddy, chairman and founder of Apollo Hospitals group.

OneIndia Money

Read more about: debt, shares, invest, apollo
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