Movements. AHEL proposes Shobana Kamineni as executive chairperson of soon-to-be listed Apollo Healthtech

India’s Apollo Hospitals Enterprise said it plans to appoint promoter ​director Shobana Kamineni as executive chairperson of ‌its soon-to-be listed unit, medical equipment maker Apollo Healthtech.

Here are more details:

• Last year, Apollo Hospitals ​said it would spin off and separately ​list its digital health and pharmacy ⁠unit within 18 to 21 months, as ​part of a reorganization
• The firm said Kamineni, ​who currently serves as a promoter director at Apollo Hospitals, is proposed to be executive chairperson, ​subject to shareholder approval
• Apollo Healthtech’s board will ​comprise at least 50% independent directors, with nomination rights ‌for ⁠investors and promoters subject to a proposed 10% shareholding threshold
• During its May earnings call, the company said it expects Apollo ​Healthtech’s demerger ​and listing ⁠by late FY27 after shareholder approval, targeting annualized revenue of ​about 250 billion rupees at listing
• The ​UK-based ⁠manufacturer of medical equipment serves National Health Service (NHS) and care home settings. Its portfolio ⁠includes ​pressure-relief mattresses and cushions, ​specialist seating, care chairs among other healthcare accessories

Reuters