Financial Daily from THE HINDU group of publications
Friday, May 03, 2002
Financial Daily from THE HINDU group of publications Friday, May 03, 2002 |
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Corporate
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Mergers & Acquisitions Apollo to buy out Duncan stake in Gleneagles hospital Our Bureau
CHENNAI, May 2 THE Chennai-based Apollo Hospitals Enterprise Ltd plans to buy out the Kolkata-based Duncan group's stake in Duncan Gleneagles Hospitals Ltd. In a communication to the stock exchanges today, Apollo Hospitals Enterprise said it was considering a proposal to acquire 50.26 per cent equity capital of Duncan Gleneagles Hospitals Ltd, an unlisted company, held by Duncans Industries Ltd and its associates for a consideration of Rs 3 crore. The remaining stake will be held by Gleneagles Development Pte Ltd of Singapore and the property will be jointly managed by Apollo and Gleneagles. When contacted, officials in Apollo Hospitals Enterprise told Business Line that the hospital would be renamed Apollo Gleneagles. Apollo, they said, had been associated with the project earlier as consultant. The hospital, which was expected to be ready in six to nine months, had 270 beds and was a multi-speciality one. Apollo would fund the acquisition through internal accruals and debt.
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