ldblquote We are looking at raising another Rs. 680 mn through private financing, mostly through preference shares and equity,
dblquote Apollo Hospitals Group Chairman, Dr. Prathap C Reddy told Lanka Business Online in an interview last evening.
rnrnThe funds would go towards part financing the Rs. 3 bn 500-bed hospital in Colombo, which is due to open from May 1.
rnrnReddy said potential demand had prompted the group to add another 150 beds to the original plan of 350 beds.
rnrnThe project was earlier estimated to cost around Rs. 2 bn. But Reddy says the cost overrun lquote cannot be considered as an overrun because of the anticipated demand
rnrnSo far, Rs. 180 mn has come in through fresh equity, a further Rs. 500 mn is expected through preference shares.
rnrnApollo Lanka Hospitals last November secured a Rs. 1 bn syndicated debt from a consortium of local banks and the International Finance Corp (IFC).
rnrnIn addition to its Rs. 100 mn equity stake, IFC will also partially guarantee th