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Apollo to raise GDR

Apollo Hospitals Enterprise Ltd has decided to raise around $135 million by way of issuance of global depository receipts (GDRs). The fund raising could see an equity dilution of around 12-15%. Company sources said that Citigroup has been appointed merchant bankers for the GDR issue. New shares in the form of GDRs for an amount of $75 million is planned, while for the rest ($60 million), a sponsored GDR programme is being drawn up. The timing of the issue is still being worked out. The GDRs are likely to be listed at the London Stock Exchange. The funds raised from the issue will be utilised for expansion of existing hospital activities, besides capital expenditure for “Apollo Cliniq” (a chain of speciality clinics across the country).