Financial Daily from THE HINDU group of publications
Saturday, Jul 09, 2005
Financial Daily from THE HINDU group of publications Saturday, Jul 09, 2005 |
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Corporate
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Overseas Borrowings Apollo Hospitals GDR issue Our Bureau
CHENNAI: Apollo Hospitals Enterprise Ltd on Friday said that it has priced each Global Depository Receipt (GDR) at $7.8 (Rs 340) against a closing price of Rs 347.95 a share on the BSE on July 7. The company raised $65.1 million (Rs 280 crore) by issuing 8.35 million GDRs, according to a company press release. Each GDR represents one underlying share and will be listed on the Luxembourg Stock Exchange. The GDRs were placed through a book-building exercise with Citigroup and Kotak acting as book runners and joint lead managers. The issue generated demand of about four times from investors across the US, Asia and Europe. The release quoted Mr Prathap C. Reddy, Chairman, Apollo Hospitals Enterprise, as saying that the response to the offering underscored investor interest in the strong growth story of the company. The proceeds of the issue will be used for expansion, working capital and general corporate purposes.
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