Hi friends,i have already posted a report on apollo hospital earlier.now i have another reason for retaining buy on apollo hospital that is its successfull QIP issue.Hope u all know what is QIP.Qip means a designation of a securities issue given by the Securities and Exchange Board of India (SEBI) that allows an Indian-listed company to raise capital from its domestic markets without the need to submit any pre-issue filings to market regulators.
APOLLO HOSPITAL today said it has closed the share sale to the qualified institutional buyers, which it had recently started to raise Rs 330 crore for expansion purposes.
In a filing to the Bombay Stock Exchange (BSE), Apollo Hospitals said the company fixed the price of the issue at Rs 495 per equity share. It had started the placement of shares with qualified institutional buyers from July 14, and closed today.
Nomura Financial Advisory & Securities (India), Enam Securities and Citibank are the managers to the share sale. "The Rs 330 crore to be raised through the QIP issue would be used to part-fund a Rs 1,100 crore investment to add another 2,400 beds by March, 2014," Apollo Hospitals Chief Financial Officer Akhileswaran Krishnan had told PTI earlier. "The rest of the capital would be raised through debt and internal accruals," he had added.It is heard that sundaram MF and fidelity were some of the investors in the issue