Apollo Hospitals’ promoter group led by MD Suneeta Reddy sold 1.3% stake (18,97,239 shares) for ₹1,489 crore via block deal.
Shares sold at ₹7,850 apiece on stock exchanges.
Sale proceeds to be used for reducing promoter group’s outstanding debt.
Apollo Hospitals Promoter Group Offloads 1.3% Stake for ₹1,489 Cr
The promoter group led by Reddy has sold 18,97,239 shares, amounting to 1.3% stake in Apollo Hospitals Enterprise Ltd via block deal on the stock exchanges, at a price of ₹7,850 per share
Apollo Hospital
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Apollo Hospitals on Friday said its promoter group represented by Managing Director Suneeta Reddy has offloaded 1.3% stake in the healthcare for ₹1,489 crore.
The promoter group led by Reddy has sold 18,97,239 shares, amounting to 1.3% stake in Apollo Hospitals Enterprise Ltd via block deal on the stock exchanges, at a price of ₹7,850 per share, the company said in a statement.
The sale proceeds will be utilised to pare down outstanding debt of the promoter group, it added.
Subsequent to the sale, the promoter group holding in Apollo Hospitals will reduce to 28% from 29.3% and pledged holdings will reduce from 13.1% to 2%, Apollo Hospitals said.
The transaction fulfils a commitment made to investors to reduce the pledge, the company stated.
The company stated that the promoter group does not have any plan of any further stake reduction in the foreseeable future.
Shares of Apollo Hospitals Enterprise were trading 0.17% up at ₹7,938.40 apiece on the BSE.
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