Shares of Apollo Hospitals Enterprises surged 4 pc in intra-day trade on Monday to hit a new high of Rs 2,688,  after the company said it has raised Rs 1,170 crore via qualified institutional placement (QIP) issue. The stock surpassed its previous high of Rs 2,683 touched on January 21.

Apollo Hospitals Enterprises, engaged in the healthcare facilities business, has allotted 4.66 million equity shares to 102 qualified institutional buyers at a price of Rs 2,511 per share, according to a disclosure made by the company to stock exchanges. It had the fixed floor price at Rs 2,508.58 per share.

"We have raised 11.70 bln rupees via QIP (qualified institutional placement) so far out of 15 bln rupees fundraising provision that we have," Akhileswaran said. The company may look at buying out hospitals at the "right time" in select markets and will keep some money aside for the purpose, he said. Apollo Hospitals board has set the QIP issue price at 2,511 rupees a share, including a premium of 2,506 rupees per share. The company has allotted 4.6 mln shares through QIP allotment to institutional investors. In November, the board had approved raising up to 15 bln rupees by way of issuane of securities.

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