Apollo Hospitals opens QIP with floor price of Rs 2,508.58 a share

Apollo Hospitals has opened QIP today with floor price set at Rs 2,508.58 a share. 

Business Standard had reported last month that Apollo Hospitals was planning to raise up to Rs 1,500 crore from investors to support its inorganic growth, strengthen its balance sheet and its digital platform.

Sources said that the hospital chain is targeting large Domestic Mutual Funds, Sovereign Funds among others.

The money, according to hospital sources, will be deployed in Apollo 24/7, the company's six-month old digital health platform. The money will also be used to support growth in the hospital business and to deleverage the balance sheet.

 

The hospital chain is also prepared for any bolt on acquisitions that would strengthen its presence in key markets that we have identified.

The hospital chain is looking at a few small ticket acquisitions -- around 300-beds in larger cities and 200 beds in smaller ones -- to expand presence mainly in the northern and eastern parts of the country.

Recently, Apollo signed a definitive share purchase agreement with IHH, its joint venture partner in Apollo Gleneagles Hospital Limited, Kolkata (AGHL) to acquire its existing 50 per cent stake in AGHL for a cash consideration of Rs 410 crore. Apollo will use a portion of the money to fund this acquisition.