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Apollo raises Rs11.7bn to fund acquisition

Apollo Hospitals Group, India’s largest hospital chain, has raised Rs11.7bn (US$160m) through the sale of around 4.7m shares to help it buy out IHH Healthcare’s 50% stake in their Indian joint venture in Kolkata.

The shares went at the top of the Rs2,457-Rs2,511 range which was a 3.8% discount to the previous close.

A banker close to the deal said that this was a tight discount “despite a sharp run up in price”.

The shares were bought by predominantly long-only investors like USS IM, Carmignac and TT International.

Bookrunners on the deal were Axis, BofA Securities, JP Morgan and Kotak.

Apollo agreed to buy out IHH’s 50% share in the Apollo Gleneagles Hospital (AGHL) in November last year.

Established in 2003, Apollo Gleneagles Hospital Kolkata is a 750 bedded multi-disciplinary tertiary care healthcare facility which is the Eastern Region’s only JCI-accredited healthcare facility.

The hospital is equipped with 14 operating theatres for various surgical disciplines, more than 180 critical care beds, three cardiac catheterisation labs, six endoscopy and ERCP suites, 32 bedded dialysis units, clinical laboratories, a fully functional radiotherapy unit, high-end emergency with dedicated stroke and MI beds. – Lang Buisson News

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