The board of Apollo Hospitals has decided to raise funds through issue of up

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to 15,44,621 convertible warrants to group chairman Pratap C Reddy for expansion of its activities and to finance additional working capital requirements and general purposes.

Each warrant shall be convertible into one equity share of the company with a nominal value of Rs 10 each at a price of Rs 771.76, which includes a premium of Rs 761.76 per share.

The price is not less than the price calculated under the Sebi regulations for preferential allotment of shares, the company informed the Bombay Stock Exchange. An amount equi­v­alent to 25 per cent of the total consideration of the warrant was to be paid on the day of allotment of warrant and rest on the date of allotment of equity shares. The relevant date for issue of warrants was decided to be April 29. The warrants can be converted within 18 months of the issue. The lock-in period will be for three years from the date of allotment. The board also appointed Sindhoori Reddy, dau­ghter of Suneeta Reddy, executive director (finance) of Apollo Hospitals, as VP, operations.