Apollo Hospitals hits record high on launch of Rs 1,000-crore QIP

Shares of Apollo Hospitals Enterprise hit a record high of Rs 2,654 on the BSE in the intra-day trade on Tuesday after the company announced that it has launched a qualified institutional placement (QIP) issue to raise upto Rs 1,000 crore.

Based on Sebi's pricing formula for such transactions,the board has fixed the floor price at Rs 2,508.6 for the share sale. The final issue price, including any discount to the floor price, will be determined in the fund-raising committee meeting on January 22, 2021, Apollo Hospitals said in a statement.

The company said funds would be utilized