Hyderabad, Oct 21 (IANS) Apollo Health and Lifestyle Ltd. (AHLL), a subsidiary of Apollo Hospitals Group, plans to raise Rs.500 crore to fund its expansion plans and is also in talks with global private equity funds to complete the equity dilution exercise.
The company is expecting to dilute around 20 percent of its equity to new investors. It hopes to complete the exercise before the end of this year.
This decision represents a strategic intent by AHLL to expand its network across India, where it already enjoys a strong foothold through varied speciality formats in 17 states with 205 customer touch points, a company statement said.
AHLL had made a significant acquisition of Nova Speciality Hospitals earlier this year, since rebranded as Apollo Spectra Hospitals.
“Clocking revenue of around Rs.400 crore at present, we are focussing on growing our primary care offerings – Apollo Clinics, Apollo Diagnostics and Apollo Sugar – and our speciality formats – Apollo Spectra and Apollo Cradle. We have multiplied revenues fourfold in three years and are targeting to grow at the same rate in the next three years,” said Neeraj Garg, CEO, AHLL.