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Tuesday, Apr 19, 2005

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Apollo Hospitals plans GDR

Our Bureau

CHENNAI: Apollo Hospitals Enterprises Ltd has announced an offering of global depository receipts for an aggregate amount up to $135 million (Rs 600 crore) comprising an issue of fresh equity shares in the form of GDRs for an amount up to $75 million (Rs 337 crore) and sponsored issue of GDRs for $60 million (Rs 263 crore).

The proceeds from the primary offering will be used in enhancing the company's services, particularly in higher technology offerings in cardiac and oncology areas.

The company plans to establish a new line of higher secondary care centres in B and C class cities and enhance Apollo's reach and network.

"The sponsored GDRs would provide an opportunity for existing shareholders to divest their ownership to international investors," says a company notification to the stock exchanges.

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