Suneeta Reddy Offloads 1.3% Stake in Apollo Hospitals for ₹14.89 Billion, ETHealthworld
Bengaluru:: India’s Apollo Hospitals’ Managing Director and large shareholder Suneeta Reddy has offloaded a 1.3% stake through a block deal, the company said on Friday.
About 1.9 million shares were sold at a floor price of 7,850 rupees apiece, valuing the sale at 14.89 billion rupees ($170.40 million), exchange data showed. The price is a near 1 per cent discount to Thursday’s close.
Reddy held a 3.36 per cent stake in the company as of June 30, per exchange data.
Shares of the company were trading flat on the day.
The large shareholders’ group – known as “promoters or promoters group” in India – will reduce their stake to 28% from 29.3 per cent currently, Apollo Hospitals said.
Proceeds from the sale will be used to reduce the outstanding debt of the promoter group, and it has no plans to reduce the stake further, it added.
News channel CNBC-TV18 first reported the stake sale on Thursday. ($1 = 87.3850 Indian rupees) (Reporting by Manvi Pant; Editing by Sonia Cheema and Janane Venkatraman)
