Apollo Hospitals Enterprise Limited (Company) has received an observation letter with 'no objections' from the National Stock Exchange of India Limited (NSE) on December 23, 2025, concerning the proposed composite scheme of arrangement. This scheme involves the demerger of an identified business undertaking into Resultant Company (Apollo Healthtech Limited), and the amalgamation of Transferor Company 1 (Apollo Healthco Limited) and Transferor Company 2 (Keimed Private Limited) with Resultant Company. The approval from NSE is a crucial step, following the Competition Commission of India's approval received on September 24, 2025. The scheme remains subject to further statutory and regulatory approvals, as well as the approval of shareholders and creditors involved. The observation letter from NSE, dated December 23, 2025, outlines various conditions and disclosures that Apollo Hospitals must adhere to. These include disclosing details of ongoing legal proceedings, ensuring financial information is not older than six months, and prominently disclosing all scheme-related information to shareholders. The company must also ensure that shares allotted under the scheme are in demat form and that listing of Apollo Healthtech Limited's shares is completed within sixty days of the NCLT/High Court order. The validity of NSE's observation letter is six months from December 23, 2025, within which the scheme must be submitted to the National Company Law Tribunal (NCLT). NSE explicitly stated that its 'no objection' does not signify approval of the scheme's financial soundness or correctness of statements made.