A total of 1,050 NCDs of face value Rs 10 lakh each are proposed to be issued aggregating to a total amount of nearly Rs 105 crore.
Recommended ArticlesView All
New Locker Rules — Here's why the RBI has gone overboard
Jan 28, 2023 IST5 Min(s) Read
Meet Padma Shri Awardee Guru K Kalyanasundaram Pillai, the man who is keeping an ancient tradition alive
Jan 27, 2023 IST3 Min(s) Read
This is how the new draft IT rules propose to make online gaming safe
Jan 27, 2023 IST4 Min(s) Read
78 percent Indian workers uneasy about job security amid layoffs: Survey
Jan 27, 2023 IST5 Min(s) Read
Apollo Hospitals Enterprise Ltd. on Wednesday announced that the company would raise up to Rs 105 crore through the issuance of non-convertible debentures (NCDs).
The Committee of Directors (constituted by the Board of Directors of Apollo Hospitals Enterprise), at its meeting held on November 30, approved the issue of debt securities in the form of listed, unsecured, non-convertible debentures (NCDs).
The fixed rate, unsecured, redeemable, rated, listed NCDs can be issued to all eligible investors on a private placement basis.
A total of 1,050 NCDs of the face value of Rs 10 lakh each are proposed to be issued aggregating to a total amount of nearly Rs 105 crore.
The NCDs will come with a tenure of 13 months, with the date of allotment being December 9, 2022, and the date of maturity being January 9, 2024.
They would offer a fixed-rate interest of 7.7 percent per annum to investors, with the interest being paid annually. The principal amount would be returned as bullet repayment at the end of the maturity period.
Apollo Hospitals also said that the NCDs are rated “AA+” by India Ratings and Research Pvt. Ltd.
The Apollo Hospitals stock has risen nearly 5 percent in the last month, though it has fallen 15 percent during the past year.
In November, broking firm UBS said that it believed that the market will be surprised by Apollo Hospitals’ success on multiple fronts. Therefore, it upgraded the shares of the hospital chain to a ‘buy’ from ‘neutral’ earlier. The firm also raised its price target on Apollo Hospitals to Rs 5,600.
UBS said Apollo Hospitals was executing well on new initiatives, growth, and core segments and that the market was not pricing in the early success of its digital strategy.