Shardul Amarchand Mangaldas & Co. advised Apollo Healthco Limited (AHL or Apollo 24/7) on the multi-phase transaction involving a primary investment (of INR 2,475 crores) by Rasmeli Limited (Advent) into AHL, a material subsidiary of Apollo Hospitals Enterprise Limited, in two tranches, for acquisition of a 16.9% stake (in aggregate, on a fully diluted basis). The first tranche of the transaction has been successfully completed on 27 September 2024, whereby Advent has invested INR 1,732 crores into AHL.
The transaction also involved a primary and secondary investment by AHL into Keimed Private Limited (Keimed) of INR 725 crores and amalgamation of Keimed with and into AHL. The first tranche of this transaction has also been successfully completed, whereby AHL has acquired a 1.96% stake via secondary investment in Keimed for a consideration of INR 125 crores.
The deal was signed on April 26, 2024.
The transaction team was led by Puja Sondhi, Partner; Aayush Kapoor, Partner; Roma Das, Partner; Prerna Saroha, Senior Associate; and Harjas Singh, Senior Associate. Senior Associate, Subhashini Narayanan, and Associates, Vipra Sankhla and Akshita Jain also assisted on to the closing of the first tranche of both the transactions.
The competition team was led by Harman Singh Sandhu, Partner; Rohan Arora, Partner; Apurv Jain, Senior Associate; Arjav Kulshreshtha, Associate; and Aryika Dadhwal, Associate.
Deloitte Touche Tohmatsu Limited advised AHL on the tax aspects.
Cyril Amarchand Mangaldas & Co. (Mumbai) acted as the legal advisor to Advent for the transaction.
AZB & Partners (Chennai) also provided certain legal advice to AHEL and its Board of Directors.
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