News Flashes

Apollo Hospitals to raise $135 m via GDR

20th April 2005: Apollo Hospitals plans to raise $135 million (about Rs 590 crore) through global depository receipts (GDRs) that may be listed either on the London or Luxemburg exchange. The capital is being raised to upgrade existing facilities and fund acquisitions in outsourcing and healthcare sectors.

Along with the issue of GDRs, the promoters would be allotted equity warrants of 2.5 per cent of the existing capital. The warrants would allow the promoters to retain their stake at the current level of 31.83 per cent, said Suneeta Reddy, director, finance.

The GDR has been triggered by the need to fund the company’s strategy to consolidate existing operations and look at acquisitions, Reddy added. Apollo’s $ 135 million GDR issue will be split in to two parts. About $ 75 million would be issue of fresh capital, while $ 65 million would be a sponsored issue. In the sponsored issue existing shareholders can offload their shares.

Dabur raises Rs 10 cr through issue of CP

19th April 2005: Maker of personal healthcare products Dabur India Ltd. raised Rs 10 crore today by issuing 60-day commercial paper (CP), money market dealers said. The paper was placed at 5.41% and the term begins on Thursday. The issue has been rated 'P1+' by Crisil Ltd, indicating highest safety.

Apollo Tyres raises Rs 30 cr via CP

19th April 2005: Apollo Tyres Ltd. raised Rs 30 crore on Tuesday through 90-day commercial paper (CP) issues, money market dealers said. The paper was placed at 5.54%. The term starts later this week. The issue has been rated 'P1+' by Crisil Ltd., denoting highest safety.

Srei Infrastructure raises Rs 153 cr through GDRs

19th April 2005: Srei Infrastructure Finance has raised Rs 153 crore ($34.9 million) by way of a Global Depositary Receipts (GDR) issue, the company said late on Monday. The issue comprised 8.65 million GDRs priced at $4.05 each, representing four equity shares of the company. The GDRs are listed on the London Stock Exchange, the company said. Srei, which provides financing for construction equipment and infrastructure projects, said it proposes to use the funds for strengthening its capital base. Shares in Srei were up 3.2 per cent at Rs 46.50 on Tuesday in a strong Bombay market.

IKF Technologies to raise Rs 50 cr via GDRs

19th April 2005: IKF Technologies today said it will issue Rs 50 crore worth Global Depository Receipts which will be floated on the Luxembourg Stock Exchange. The Board of Directors, in a meeting held on April 18, has approved the Rs 50 crore GDRs issue, subject to approval of the shareholders, the company informed the Bombay Stock Exchange. The Board has also approved the stock split from Rs 10 per share to Re 1 per share, it added.

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