Apollo Hospitals shares gain after board approves raising up to Rs 1,500 crore

Apollo Hospital Enterprises | Board approved raising of funds of Rs 1,500 crore in one or more tranches. (Image: apollohospitals.com)

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Apollo Hospitals Enterprises share price gained over a percent intraday on December 3 after the board approved raising up to Rs 1,500 crore.

The healthcare major on December 2 said its board has approved the proposal to seek shareholders' nod for raising up to Rs 1,500 crore by way of postal ballot. The board has also approved to constitute a Fund Raising Committee for this, Apollo Hospitals said in a BSE filing.

The committee would be entrusted with powers on behalf of the board to implement and administer all aspects related to the capital raising exercise, it added.

This would include, "the size and composition of the issue, approval of the Preliminary Placement Document and the Placement Document, determination of the issue opening and closing dates, approval of allocations and final allotments, and other matters relating to the issue from time to time, including obtaining requisite approvals for listing and trading of the newly issued shares," the filing said.

In November the company said its board had approved raising up to Rs 1,500 crore by way of issue of securities through preferential issue/ qualified institutional placement (QIP) or any equivalent capital raising method.