 "Apollo Hospitals hives off retail business into new firm, to hold 25% stake")
Apollo Hospitals Enterprise Ltd (AHEL) has decided to hive off the front-end retail unit of its standalone pharmacy business into a separate entity by the name Apollo Pharmacies Ltd (APL). This new company will be a subsidiary of Apollo Medicals Pvt Ltd (AMPL).
New investors picked up 74.5 per cent stake for Rs 1.06 billion in AMPL, while Apollo has kept 24.5 per cent stake.
The new investors include Jhelum Investment Fund, investment banker and chair of DSP BlackRock Hemendra Kothari and Enam Securities.
Each of the investors will have a board seat in the new company. In AMPL, Enam Securities holds 44.7
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