Raise Rs 450 crore this fiscal
Apollo Hospitals, with an aim to raise funds to expand its clinics business, will dilute some stake in the vertical for Rs 450 crore this fiscal, a top company official said.
“Now the big focus is on clinics. So we have closed that investment round which will shortly get formalised. We will be signing soon. It is Rs.450 crore for clinics division which includes spectra, cradle and day surgery centres. “We will be raising that money very shortly. We are bringing an equity partner by diluting some stake in AHLL (Apollo Health and Life Style),” Sangita Reddy, Joint Managing Director, Apollo Hospital Group said.
Apollo Hospitals recently said it would raise Rs.300 crore from institutional buyers through allotment of secured redeemable non-convertible debentures. “We will complete the deal by the end of this financial year. The clinics number will go to overall 150 from the existing 78 (owned and franchisee). Cradles will go to 20. Currently, we have seven,” she said, adding that the expansion is expected to be completed in three years. However, Reddy refused to give details about the investor, saying discussions are still going on. “They are from healthcare industry,” she added. Replying to a query, she said the current bed capacity is 9,300 and with the addition of Mumbai the figure will cross 10,000.
PTI