Apollo Hospitals raises $65mn via GDRs

Apollo Hospitals has successfully raised $ 65.1 million through the issue of 8.35 million Global Depositary Receipts (GDRs) (excluding the greenshoe).

According to a release issued by Apollo Hospitals to the BSE, each GDR represents one underlying share, and will be listed on the Luxembourg Stock Exchange.

The GDRs were priced at $7.8 (Rs 340) per GDR as against the closing price of Rs 347.95 per share on the BSE on July 7, 2005. Citigroup and Kotak acted as bookrunners and joint lead managers on this transaction, the release said.

Prathap C Reddy, chairman of Apollo Hospitals, said, "the response to the offering underscored investor interest in the strong growth story of the company. The proceeds of the issue will be used for expansion activities, working capital and general corporate purposes".