Apollo Hospitals’ Promoter Family Will Use Stake Sale Proceeds To Pare Debt
The promoter family represented by Suneeta Reddy has sold 3.6% stake in Apollo Hospitals, bringing down its shareholding to 30.8%.
The promoter family of Apollo Hospitals Enterprise Ltd. has divested 3.6 percent of its shareholding in the company. Proceeds from the Apollo Hospitals stake sale will be used to bring down overall debt, the family said in a statement on Thursday.
The promoter family, represented by Suneeta Reddy, now holds 30.8 percent stake in the company. There will no further dilution of promoter stake, the statement added.
"In line with our commitment to bring down debt and associated pledges, promoter family of Apollo Hospitals, represented by Suneeta Reddy, today divested 3.6 percent holding in AHEL, through a bulk deal," a statement issued by the promoter family said.
"Once these proceeds are applied along with the net proceeds from the Apollo Munich stake sale (expected by end October), the pledge position will come down from the current 76 percent to around 20 percent," it added. "We believe this decisive step in bringing down pledge levels will best serve the interests of all stakeholders.”
On Thursday, Apollo Hospitals shares fell 2.43 percent to Rs 1459.10 apiece on the BSE while the benchmark Sensex shed 0.45 percent to end the day at 37,104.28 points.