Apollo Hospitals announced on Friday that its promoter group, led by Managing Director Suneeta Reddy, has sold 1.3 percent of its stake in the healthcare company for ₹1,489 crore. The promoter group has offloaded 18,97,239 shares, which represents 1.3 percent of Apollo Hospitals Enterprise Ltd, through a block deal on the stock exchanges at a price of ₹7,850 per share. The proceeds from this sale will be used to reduce the promoter group’s outstanding debt. After the sale, the promoter group’s holding in Apollo Hospitals will decrease to 28 percent from 29.3 percent, and pledged holdings will fall from 13.1 percent to 2 percent. The company stated that this transaction fulfills a commitment made to investors to lower the pledge.
Furthermore, the promoter group has no plans for additional stake reduction in the near future. Shares of Apollo Hospitals Enterprise were trading 0.17 percent higher at ₹7,938.40 per share on the BSE.