Promoter Group of Apollo Hospitals Enterprise Ltd sells 1.3% stake in block deal

Earlier today, the Promoter Group of Apollo Hospitals, represented by Ms. Suneeta Reddy, sold 1,897,239 equity shares, amounting to 1.3% stake in Apollo Hospitals Enterprise Limited via block deal on the stock exchanges, at a price of INR 7850 per share, a discount of ~1% to the closing price yesterday.

The sale proceeds will be utilised to pare down outstanding debt of the Promoter Group. Subsequent to the sale, the Promoter Group holding in Apollo Hospitals will reduce to -28% (from the current 29.3%) and pledged holdings of the Promoter Group (as a percentage of their total holding) will reduce from 13.1% to -2%. The transaction fulfils a commitment made to investors to reduce the pledge.

Morgan Stanley India Company Private Limited acted as a selling broker to the sale.

The Promoter Group continues to stay fully focused on the growth of Apollo Hospitals, Apollo Health Co and Apollo Health and Lifestyle - to create long-term value in each vertical, reiterating their commitment towards high-quality healthcare for every Indian. The Promoter Group does not have any plan of any further stake reduction in the foreseeable future.

Shares of Apollo Hospitals Enterprise Limited was last trading in BSE at Rs. 7925.10 as compared to the previous close of Rs. 7882.85. The total number of shares traded during the day was 34283 in over 3926 trades.

The stock hit an intraday high of Rs. 7946.85 and intraday low of 7850.70. The net turnover during the day was Rs. 270780040.00.

Source : Equity Bulls

Keywords

ApolloHospitalsEnterprise INE437A01024 HealthcareFacilities PromoterGroup StakeSale BlockDeal