Apollo Hospitals buys 50 per cent stake in Lucknow entity

The Apollo Medics Super Speciality Hospital would strengthen Apollo Hospitals’ leadership position as well as enhance its presence in the state of Uttar Pradesh where it already has a strong brand equity. Apollo Medics Super Speciality Hospital is expected to be commissioned by the third quarter of the current financial year. 

The 50 per cent equity stake is through a primary issuance of shares by Medics for a consideration of Rs 910 million which would be utilised towards hospital commissioning and related expenses. The transaction was facilitated by Advay Capital Advisors as investment bankers. 

Suneeta Reddy, MD, Apollo Hospitals Enterprise Ltd said, “To strengthen our position in the UP region, Apollo was on the lookout for acquisitions to grow inorganically. Given the promoters background and expertise, this is the right choice.”