Apollo Hospital initiates share sale to QIP to raise Rs330 crore
15 Jul 2011
Apollo Hospitals today said it had initiated a share sale to qualified institutional buyers to raise up to Rs330 crore, which it plans to use for expansion purposes.
The company, after fixing the floor price of the issue at Rs491.29 per equity share, started the share placement with qualified institutional buyers from 14 July.
According to Apollo Hospitals chief financial officer, Akhileswaran who spoke to PTI, the company was expecting a robust sale of shares in the QIP issue.
He added the process would close Monday and would result in dilution of equity of around 5 per cent.
Citibank, Nomura Finanical Advisory & Seurities (India), Enam Securities and Citibank are the managers to the share sale he said.
According to Krishnan, the Rs330 crore to be raised through the QIP issue would go towards partly funding a Rs1,100 crore investment to add another 2,400 beds by March, 2014.