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The primary objective of incorporating Apollo 24/7 Insurance Services is to operate as corporate insurance agency business. This includes acting as agents, engaging in activities incidental to and allied with the insurance business through technology/online platforms, including acquiring necessary licenses and permissions from various authorities.
AHL will subscribe to initial share capital of Rs 1 crore consisting of 10 lakh equity shares with a face value of Rs 10 each in Apollo 24/7 Insurance Services.
Meanwhile, the company’s board has approved the subscription to equity shares, on a preferential basis, issued by AHL, a material wholly-owned subsidiary of the company. The total purchase consideration for this subscription is Rs 399.99 crore.
AHL has issued 3,43,629 equity shares with face value of Rs 10 and a premium of Rs 11,630.45, representing 0.09% of the paid-up share capital of AHL. The acquisition has completed on 3 September 2024.
The primary objective of this subscription is capital expansion of AHL and the proceeds from this preferential allotment will be utilized to settle payables due from AHL to the company.
The company's stake in AHL has increased by 0.09% paid up share capital of AHL (on an as-if converted basis).
Apollo Hospitals Enterprise is a private sector healthcare provider. It owns and operates hospitals across the country.
The company’s consolidated net profit soared 83.9% to Rs 305.2 crore in Q1 FY25 as compared to Rs 166.6 crore reported in same quarter previous year. Revenue from operations increased 15.12% year on year (YoY) to Rs 5,085.6 crore in the quarter ended 30 June 2024.
The scrip rose 0.71% to Rs 6,978.30 on the BSE.
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