New Delhi, April 26 (IANS) Apollo HealthCo Ltd (Apollo 24|7) on Friday announced it would raise equity capital of Rs 2,475 crore from leading private equity (PE) investor Advent International.
A subsidiary of Apollo Hospitals, Apollo 24|7 said it has also entered into a framework agreement to integrate 100 per cent of Keimed Private Ltd, India’s leading wholesale pharma distributor, in a phased manner over the next 24-30 months.
Advent will invest in two tranches to secure a 12.1 per cent stake in the merged entity, by valuing the combined entity at an enterprise value of Rs 22,481 crore.
Apollo 24|7 is valued at an enterprise value of Rs 14,478 crore while Keimed is valued at an enterprise value of Rs 8,003 crore.
Post-merger, Keimed shareholders would hold a maximum of 25.7 per cent stake in the combined entity, while Apollo Hospitals would continue to remain the largest controlling shareholder with at least 59.2 per cent stake.
“Apollo 24|7 has delivered on this promise and has reached over 33 million Indians in a short span of time. With Advent’s investment and the merger of Keimed, the combined entity will be one of the country’s leading retail health companies,” said Dr Prathap C. Reddy, Chairman, Apollo Hospitals Group.
The merger is subject to further corporate approvals to be obtained at the relevant time.
“The size of the merged supply chain will allow 1.4 billion Indians access to genuine medicines within 24 minutes to 24 hours, 7 days a week,” said Shobana Kamineni, Executive Vice Chairperson, Apollo Hospitals.
According to Shweta Jalan, Managing Partner and Head of Advent India, this investment demonstrates Advent’s commitment to investing in the fast-growing healthcare sector in India.
Since its inception in February 2020, Apollo 24|7 has built a user base of more than 33 million users and is facilitated by a network of over 7,000 doctors.
–IANS
na/vd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
