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Chennai, Aug. 31 Apax Partners is to pick up 12 per cent stake in Apollo Hospitals Enterprise Ltd for Rs 426.40 crore, Apollo announced today.

In addition, the promoters are issuing themselves warrants that would convert to 3 per cent of the existing (pre-Apax) capital.

Apax Partners is a global private equity group with funds advised of $20 billion around the world. Apax invests in five sectors — technology and telecom, media, retail, healthcare and financial sector.

“The company plans to use the funds raised through preferential allotment for meeting its future growth plans of setting up new hospitals and expanding other healthcare facilities,” says a notification from Apollo. Apax would then replace Bank of New York as the top foreign investor in Apollo Hospitals. The bank has a 10.73 per cent stake. Apax’s investment would also take the foreign holding in Apollo to a little over 60 per cent.

After the promoters convert their warrants into shares, their holding will decline marginally to 30.10 per cent from 31.21 per cent now.

On the BSE today, the Apollo shares closed at Rs 484.10, 2.6 per cent higher than the previous close.

More Stories on : Mergers & Acquisitions | Medical Institutions & Hospitals

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