The stock of Apollo Hospitals Enterprise (AHEL), India's largest listed health care services company, fell 4.6 per cent on Monday and slipped another 0.34 per cent to close at ₹5,946.20 on Tuesday. The share declined due to a lower valuation for subsidiary Apollo HealthCo (AHL) and an aggressive valuation for Keimed, a promoter-owned drug wholesaler that is merging with AHL.
AHEL, in a two-step process, is selling a partial stake in AHL and merging Keimed with AHL, a digital healthcare and omnichannel pharmacy.
While views on Keimed vary, most brokerages have pegged higher valuations for AHL.
AHEL is raising equity capital of 2,475 crore from Advent International in two tranches to give the global private equity investor a 16.8 per cent stake in AHL.
The money raised will be used for growth capital in AHL, pay ₹890 crore of the 1,290 crore slump sale consideration owed to AHEL, and to acquire an 11.2 per cent stake in Keimed for 730 crore.
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