Apollo Hospitals Enterprises has announced that it will acquire a stake worth Rs 103.2 crore in its subsidiary company, Apollo Health and Lifestyle.
This acquisition, aggregating Rs 1032.60 million (or Rs 103.2 crore), will be carried out through a rights issue.
A rights issue typically involves a company inviting its current shareholders to buy more shares at a discount. Shareholders get the right to purchase these new shares generally at a lower price than the market rate, which helps the company raise more money without bringing in new investors.
“We wish to inform you that the Company is acquiring 35,12,107 equity shares of Rs 10 each at a price of Rs.294 per share (including a premium of Rs.284 per share), aggregating to Rs. 1032.60 million by way of subscribing to the rights issue of Apollo Health and Lifestyle Limited, a subsidiary of the Company (AHLL),” the hospital chain company informed stock exchanges on Saturday.