Apollo Hospitals shares surge after board endorses shareholders’ raise to Rs 1,500 crore

Today, Apollo Hospitals Enterprise’s share price rose over a percent intraday after the board approved raising up to Rs 1,500 crore.

On December 2, the company said that its board has approved the proposal to seek shareholders’ raise up to Rs 1,500 crore by way of postal ballot. Moreover, the board has approved a constitute a Fund-Raising Committee, Apollo Hospitals said in a BSE filing.

The filing said the committee would be entrusting the board with the power to implement and administer all aspects related to the capital raising exercise.

Additionally, 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.

In November, the company stated its board had approved to raise Rs 1,500 crores by issuing securities through a preferential issue/qualified institutional placement or any equivalent capital raising method.

At 10:33 hours, the stock was trading at Rs 2,438.80, up to Rs 27.10, or 1.12 percent. Additionally, the shares touched an intraday high of Rs 2,499.95 and an intraday low of Rs 2,406.20.

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