Apollo Health and Lifestyle to invest Rs 500 crore in expansion
New Delhi: Apollo Hospitals Enterprise said its subsidiary Apollo Health & Lifestyle plans to invest up to Rs 500 crore for expansion going forward. It is also looking to raise funds for the growth through private equity partners, Apollo Hospitals said without giving any details about the potential investors.
"Apollo Health & Lifestyle Limited (AHLL) is planning to invest up to Rs 500 crore to fund the growth of the business going forward. It also plans to invite private equity investors to participate in this growth opportunity," Apollo Hospitals Enterprise said in a filing to BSE.
AHLL has undergone a significant expansion in the past three years and has plans for continued growth and expansion over the next five years, it added. AHLL operates a network of primary care and specially care formats across India.
In the primary care space, it has five formats - Apollo Clinics, Apollo Sugar, Apollo Diagnostics, Apollo White and Apollo Dialysis.
Medical Dialogues team had earlier reported that Healthcare major Apollo Hospitals raised Rs 200 crore by allotting 2,000 non-convertible debentures (NCDs) to HDFC bank.
The board of directors of the company has approved and allotted 2,000 NCDs to HDFC bank of face value Rs 10 lakh each amounting to Rs 200 crore, it said in a regulatory filing.
Read also: Apollo Hospitals raises Rs 200 cr via NCDs
It also has Apollo Cradle and Apollo Spectra Hospitals in its portfolio. Shares of Apollo Hospitals Enterprise were today trading at Rs 1,451 per scrip in the afternoon trade on BSE, down 1.96 per cent from the previous close.
The medical Dialogues team had earlier also reported that with an aim to expand their hospital business, Apollo Hospitals sold some stake in the vertical for Rs 450 crore this fiscal year.
"With these funds, we can meet our expansion needs for next 2-3 years. We may think about further fund raising only after three years," said a company official