Apollo Hospitals shares rose on December 24, 2025, after the company said it received an observation letter with “no objections” from the National Stock Exchange for its proposed business split and mergers under a composite scheme of arrangement.

At around late morning trade, Apollo Hospitals shares were up about 1.8{3ed7819c3563dca85364f9c966d48c284cd3d43c23a196a6bbb99b5b9eebb247} near Rs 7,205 on the NSE, as per market reports.

In its exchange filing, Apollo Hospitals said the NSE’s no-objection letter is dated December 23, 2025 and relates to the scheme under Regulation 37 of the SEBI listing rules. The company said the plan still needs other approvals, including shareholder and creditor approvals, and clearance from the National Company Law Tribunal (NCLT).

The NSE letter also notes that SEBI sent comments on the draft scheme on December 22, 2025, and the exchange’s no-objection is meant to let Apollo move the scheme to the NCLT process.

Apollo’s plan is to move its pharmacy and digital health businesses into a separate listed company. The businesses include Apollo 24/7, the group’s digital platform, and the pharmacy and distribution interests held through Apollo HealthCo and Keimed, which are part of the group structure linked to the scheme.

Under the share entitlement shared earlier by the company, shareholders are set to receive 195.2 shares of the new company for every 100 shares held in Apollo Hospitals, once the process is completed and a record date is fixed.

Apollo has also said it plans to keep a 15{3ed7819c3563dca85364f9c966d48c284cd3d43c23a196a6bbb99b5b9eebb247} stake in the new company and have one nominee on its board.

Apollo Hospitals has already received clearance from the Competition Commission of India (CCI) for the transactions linked to the scheme, according to a government release dated September 23, 2025.

The stock move on December 24 followed the company’s update that the NSE has given its no-objection letter. The company’s scheme is now expected to move through the remaining steps, including the NCLT process and shareholder approvals, before the separate listing can happen.

Apollo Hospitals shares gained on December 24, 2025 after the company reported a no-objection letter from the NSE for its plan to separate its pharmacy and digital health businesses into a new listed firm. The plan has already received CCI clearance, and the company now needs to complete the remaining legal and shareholder approval steps before the demerger can take effect.