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This is an archive article published on June 7, 2012

Apollo allots 13.81L shares to IFC

Apollo has alloted 13.81 lakh shares to Washington-based IFC as part of conversion of FCCBs worth $7.5 mn into equity.

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Apollo Hospitals Enterprise today said it has alloted 13.81 lakh shares to Washington-based International Finance Corporation (IFC) as part of conversion of FCCBs worth USD 7.5 million into equity.

The Chennai-based healthcare major had issued 1,500 unsecured FCCBs of USD 10,000 each to the IFC aggregating to USD 15 million in June 2009. In December 2010,IFC had converted 50 per cent of the FCCB loan amount aggregating to USD 7.5 million into 11.40 lakh shares of Rs 5 each.

“IFC had sent a communication to the company requesting for conversion of the balance loan amount of USD 7.50 million of the FCCBs into equity shares,” Apollo Hospitals Enterprise said in a filing to BSE.

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A committee of the board of directors met today and approved the allotment of 13,81,619 equity shares to IFC,Washington,it added.

“Based on the applicable rupee dollar exchange rate on May 25,2012,it has been determined that a total of 13.81 lakh shares of Rs 5 each need to be allotted to IFC upon effecting the conversion,” the company said.

As per the terms loan agreement,IFC had an option to convert the FCCBs so issued wholly or partly from time to time into shares.

“Post this conversion,there are no outstanding FCCBs with the company,” Apollo Hospitals said.

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Shares of Apollo Hospitals today closed at Rs 673.75 on the BSE,down 0.06 per cent from its previous close.

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