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News >> Technology >>
Apollo to sell 30% in IT arm to Temasek
By siliconindia
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Thursday, 09 September 2004, 19:30 IST
KOLKATA: Domestic healthcare major Apollo Hospitals Group (AHG) plans to sell about 30% of its equity in the groupÂ’s IT subsidiary, Apollo Health Street (AHSL), to Singapore-based investment company, Temasek Holdings.
“The deal is expected to be completed in a month,” AHG’s director (finance), Suneeta Reddy, told ET.
Sources close to the development said that Apollo was in negotiation with Temasek for quite some time and that the FII had shown keen interest in picking up stake in AHSL.
However, Ms Reddy refused to confirm that Temasek was going to be the investor. “We are in talks with two institutional investors — one Singapore-based and another UK-based,” she said. AHSL will use the funds raised from this placement to finance expansion.
Apollo had last month sold about 5% of its equity in the hospitals arm, Apollo Hospitals Enterprise, to Temasek for Rs 51.2 crore. Currently, Apollo holds 78% stake in AHSL while the remaining 22% is held by individual investors.