3000 Crores Debts! The Apollo administrators decided to sell the assets in a way to pay back


-1
-1 points

The Reddy family that administers Apollo Hospitals Enterprise Ltd, one of India’s largest private hospitals is currently suffering due to heft debts of Rs.3000 crores. Thus the family has decided to sell some of their assets. Due to this decision, by the end of this year, they could reduce the debts to 2500 crores.

At this instant, Apollo administrators are planning to sell 13 Nursing colleges and 2 Medical colleges. Last month, Apollo sold the Munich Health Insurance shares to HDFC. Apart from selling assets, Apollo is accommodating different ways to earn money to pay the debts. Also, Apollo has invited outside investors for the funding.

“The aim is to reduce the Apollo shares pledged by the family as collateral to lenders, to 20% of their total holding in the company from about 78% now, said Suneeta Reddy, Apollo’s managing director and one of the four daughters of founder Prathap Reddy. Apollo states that they would execute many plans in the future to resolve the issue as soon as possible.

News Courtesy: Livemint


Like it? Share with your friends!

-1
-1 points

What's Your Reaction?

Angry Angry
0
Angry
Cute Cute
0
Cute
WTF WTF
2
WTF
Love Love
0
Love
Radhika Gopi

0 Comments

Your email address will not be published. Required fields are marked *

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format