Apollo Hospitals’ Prathap Reddy to raise Rs 550 crore from KKR

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Apollo HospitalsNEW DELHI: Prathap C Reddy, who owns the Apollo chain of hospitals, can raise Rs 550 crore from american private equity fund Kohlberg Kravis Roberts (KKR) to repay promoters’ debt and build more hospitals, an individual privy to the deal said.

The pe fund can subscribe the convertible debentures issued by Prathap Reddy’s holding company PCR Investments with an choice to convert these debentures into equity shares of listed Apollo Hospitals at the end of 5 years. The promoters also can have the right to buy back these instruments at the end of 2 years.

“The investment is in the 5-year callable security that consolidates existing debt at PCR Investment and initiates a partnership in the health care sector across the 2 companies,” a similar person said.

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