Apollo Hospitals allots 1,381,619 equity shares to IFC, Washington on conversion of FCCBs

Apollo Hospitals Enterprise Ltd had issues 1500 Unsecured Foreign Currency Convertible Bonds (FCCB) of US$ 10000 each to the Internatinoal Finance Corporation (IFC), Washington aggregating to US$15 million, in June 2009.

As per the terms of the FCCB loan agreement dated June 18, 2009, IFC had an option to convert the FCCBs issued wholly or partly from time to time into equity shares at a price of Rs.605 per share of face value of Rs.10 each which is higher than the floor price of Rs.529.01 per share of face value of Rs.10 each determined as per the FEMA guidelines and issue of FCCBs and Ordinary Shares (through depository receipt mechanism scheme, 1993), being the average of the weekly high and low of the closing prices of the company during the 2 weeks preceding the relevant date, i.e. June 29, 2009, a premium of 14%.

IFC had converted FCCBs worth $7.50 million in December 2010, for which it was allotted 1,140,992 equity shares.

IFC had recently requested for conversion of the balance loan amount of $7.5 million into equity shares. Based on the applicable rupee dollar exchange rate on May 25, 2012, IFC was allotted 1,381,619 equity shares of Rs.5 each. Consequent to the above allotment, the paid up share capital of the company has been increased to Rs.679,241,185 (consisting of 135,848,237 equity shares of Rs.5 each) from Rs.672,333,090 (consisting of 134,466,618 equity shares of Rs.5 each).

The Apollo Hospitals Enterprise Ltd stock closed the day at Rs.673.75, down by Rs.0.40 or 0.06%. The stock hit an intraday high of Rs.689.90 and low of Rs.672.05.

The total traded quantity was 0.19 lakhs compared to 2 week average of 0.33 lakhs.

Source : Equity Bulls

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