'Apollo Hospitals raises about $74 mln via QIP'

Apollo Hospitals Enterprise has raised about $74 million through a share sale to institutional investors, three sources said.

Apollo Hospitals Enterprise has raised about $74 million through a share sale to institutional investors, three sources told Reuters.

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The placement, in which shares were sold at 491.3 rupees each, opened on Thursday and closed on Friday, said the sources, who declined to be named as the information was not yet public.

"We got very good response.. and have got some of the best funds to invest in this issue," said one of the sources.

Enam Securities, Citigroup and Nomura were the arrangers to the issue, said the sources.

On Thursday, Apollo said it has launched the share sale.

Malaysian sovereign fund Khazanah holds about 12% stake in the company.

Recently, the Indian healthcare firm decided to postpone its plans to raise 3 billion rupees via bonds citing high costs of local borrowing. .

The country's equity capital market has been sluggish in 2011 with companies raising $7.1 billion in the first half of 2011, down nearly 42% from the same period last year, data from Thomson Reuters showed.

Shares of Apollo Hospitals, which have gained 5.15% in value terms over the last six months, closed at 498.40 rupees on Friday, up 0.7% in a weak Mumbai market.

($1 = 44.5 rupees)