Apollo Hospitals Enterprises Ltd. will acquire stake worth Rs 103.2 crore in Apollo Health and Lifestyle Ltd., a subsidiary of the company.
It will acquire 35.12 lakh shares at Rs 294 apiece through a rights issue, Apollo Hospitals said through an exchange filing on Saturday. The investment will help Apollo Health and Lifestyle with business operations, expansion, and working capital.
The company is looking to complete the acquisition by July 8.
Apollo Health and Lifestyle operates by offering extensive, premium healthcare services through owned and franchised clinics and hospitals throughout India. Its primary operations encompass managing specialty hospitals, maternity facilities, clinics, diagnostic centers, diabetes clinics, dental clinics, and dialysis centers.
Shares of Apollo Hospitals Enterprises closed 1.54% higher on Friday at Rs 6,328.20 apiece, as compared to a 0.07% decline in the BSE Sensex.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.