Apollo 24|7 to raise Rs 2,475 cr from Advent International

Apollo Health Co Limited Apollo 2417” or AHL”), a subsidiary of Apollo Hospitals Enterprise Limited AHEL”) today entered into a binding agreement to raise equity capital of Rs 2,475 crore from Advent International Advent”), one of the world’s largest and most experienced global private equity investors.

In addition, Apollo 24|7 entered into a framework agreement to integrate 100% of Keimed Private Limited Keimed”), India’s leading wholesale pharma distributor, in a phased manner over the next 24 to 30 months. Advent shall invest in compulsory convertible instruments over two tranches to secure 12.1% stake in the merged entity, by valuing the combined entity at an enterprise value of Rs 22,481 crore.