Apollo Hospitals to raise Rs 1,055 cr

Healthcare chain Apollo Hospitals Enterprise today said it had received shareholders' approval to raise about Rs 1,054.8 crore through issue of securities.

The proceeds would be utilised for expansion plans as well as to meet additional working capital requirements and general corporate purposes, the firm said in a regulatory filing to the Bombay Stock Exchange (BSE).

Apollo would mop up Rs 900 crore by way of issue of securities through qualified institutional placement.

Further, the company would raise Rs 154.8 crore through issue of convertible warrants to its promoter Prathap C Reddy.

"The company would issue up to 3,276,922 convertible warrants to Prathap C Reddy, promoter of the company at a price of Rs 472.46 per warrant (including a premium of Rs 467.46 per warrant aggregating to Rs 154.82 crore," the filing said.

The fund raising proposals were approved by the shareholders during their extra general meeting on January 22.

Shareholders have also given the green signal to increase the company's authorised share capital from Rs 85 crore to Rs 110 crore.

Shares of Apollo Hospitals were today trading at Rs 500.95 on BSE in the late afternoon trade, down 2.46 per cent from its previous close.