Khazanah arm converts GDRs in Apollo into shares

Integrated (Mauritius) Healthcare Holdings, an arm of Malaysian sovereign fund Khazanah Nasional Bhd, has converted global depositary receipts (GDRs) worth Rs 213.80 crore into equity shares in Apollo Hospitals Enterpises Ltd. The value was derived based on the share price converted, quoted on the Bombay Stock Exchange, on the day of conversion.

The company holds 11.22 per cent of the total paid-up share capital of Apollo Hospitals, including around 11,000,000 equity shares and the now converted 4,093,860 GDRs. With the conversion, the total number of shares held by Integrated Healthcare Holdings is around 15,093,860, and the stake of the company in Apollo Hospitals would remain the same. The GDRs were earlier registered in the name of the overseas depository, Bank of New York.

 

The conversion would bring more transparency on the beneficiaries of the GDR holders. As for GDRs, the real investors’ identity would not be visible for the public, according to a senior company official.

The shares converted from GDRs now, accounts to around 3.04 per cent of the total share capital of Apollo Hospitals.

Khazanah recently transferred its shares held by another arm, Integrated (Mauritius) Healthcare Holdings, from Bisikan Bayu Investments -- as part of integrating healthcare funds under one entity. On December 22, the closing price of Apollo Hospitals shares was Rs 522.55 per share. The price increased on Monday, reaching a day’s high of Rs 601 per share and Rs 565 per share, according to BSE data.