Pratap Reddy-promoted Apollo Hospital Enterprises has revised its capital raising plans and is looking at scaling it down to Rs 600 crore from an earlier target of Rs 900 crore.
Earlier this year, the company received shareholders’ approval for raising Rs 1,054.8 crore via issuing of the securities to carry out its expansion plans. It also decided to raise Rs 900 crore via issuing securities through institutional placements. ?We have obtained shareholders? and board approvals for raising Rs 900 crore including QIP. But we decided to raise only Rs 600 crore from QIP at the moment,? Apollo Hospitals? managing director Preetha Reddy said. She was present in the city to inaugurate the region’s first dedicated comprehensive bone marrow transplant unit.
?The entire amount will be used to fund our expansion plans. Earlier, we thought of raising Rs 900 crore but later we decided to bring it down to Rs 600 crore,? she said.
Apollo Hospitals, which has a capacity of 8,000 beds at present plans to add another 2,000 beds in next 24 months. It is adding four new hospitals at Mumbai, Nashik, Nellore and Chennai. ?We would like to add five hospitals every year with around 200 beds,? she said. Meanwhile, the company is looking at African countries like Nigeria and Uganda. ?We want to invest in Africa, she added.
