Healthcare major Apollo Hospitals has issued a letter of comfort for an aggregate sum of Rs 31.60 crore to Axis Bank regarding sanction of credit facilities to Alliance Dental Care.
Alliance Dental Care is a joint venture between Apollo Hospitals and Trivitron Healthcare.
"The company has issued a Letter of Comfort for an aggregate sum of Rs 31.60 crore to Axis Bank Ltd in connection with the sanction of credit facilities in favour of its step- down subsidiary, Alliance Dental Care Ltd, Chennai," Apollo Hospitals Enterprise said in a BSE filing.
A letter of comfort is a letter issued to a lending institution by a parent company acknowledging support of a subsidiary company's attempt for financing.
Apollo Hospitals stock was trading 0.42 per cent up at Rs 1,435.05 on BSE in the afternoon trade.
