The Hindu Business Line : Temasek picks Apollo shares

CHENNAI: Apollo Hospitals' shareholders on Thursday cleared a private placement of 5 per cent of equity shares to Singapore's Temasek Holdings at Rs 246 a share.

The Executive Chairman of Apollo Hospitals, Dr Prathap C. Reddy, told the EGM that Temasek had approached the company intending to invest.

He added that the two sides were going through the terms of agreement. Once the agreement is finalised, Temasek would get a directorship on Apollo's governing board.

The Temasek investment would add about Rs 49 crore to Apollo's capital.

Dr Reddy said that the funds would be used to retire some of Apollo's high-cost debt, and as working capital. He hoped that Apollo could use Temasek's contacts to expand its operations in the Far East.

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