Apollo to give Rs 34 cr worth shares to IFC on bond conversion | business | Hindustan Times
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Apollo to give Rs 34 cr worth shares to IFC on bond conversion

business Updated: Dec 08, 2010 20:28 IST
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Healthcare major Apollo Hospitals today said it will allot 11.40 lakh shares worth over Rs 34 crore to International Finance Corporation (IFC), upon conversion of some foreign currency bonds held by the US firm.

International Finance Corp (IFC) had little over one per cent stake in Apollo Hospitals at the end of September quarter.

In a filing to the Bombay Stock Exchange, Apollo Hospitals said it received a communication dated December 1, requesting for the conversion of USD 7.5 million Foreign Currency Convertible Bonds (FCCBs) into equity shares.

"Based on the applicable rupee dollar exchange rate on November 30, 2010, it has been determined that a total of 11,40,992 shares of Rs 5 each would need to be allotted to IFC upon effecting the conversion," the filing said.

Recently, Apollo Hospitals received shareholders nod for a stock split, whereby shares of Rs 10 would be divided into two shares of Rs 5 each.

"Accordingly, the applicable conversion rate for IFC's FCCBs was revised from Rs 605 per share of Rs 10 each to Rs 302.50 per share of Rs 5 each," the filing said.

Based on the price of Rs 302.50 per piece, Apollo Hospitals would issue shares worth about Rs 34 crore to IFC upon FCCBs conversion.

Apollo Hospitals had issued long term debt amounting to USD 50 million to the IFC in June 2009, out of which, USD 15 million was through FCCBs. Shares of Apollo Hospitals today closed at Rs 468.45 on BSE, down 4.68 per cent from its previous close.