CHENNAI: The Apollo Hospital Enterprise Ltd (AHEL) has officially announced on Friday that one of its promoters Suneetha Reddy has sold its 1.3% of stakes in the company through a block deal. Reddy will sell 1897239 equity shares at a price of Rs 7850 per share, a discount of 1% from Thursday closing at NSE.
In a Friday statement, the company said that the promoters’ shareholding will be reduced from 29.3% to 28% after the deal. The pledged holdings of the promoter/promoter group (as a percentage of their total holding) will reduce from 13.1% from 2%, said the release. Reddy holds a 3.36% stake in the hospital, accounting for 48.34 lakh shares in the company, as per NSE data
The proceeds will be used to pare down outstanding debt of the promoter group. Morgan Stanley India Company Private Limited acted as a selling broker to the sale.
After the announcement, Apollo Hospitals share price fell by 0.11%, currently trading at Rs 7919 at 10.33 am.
Shares of the company touched its 52-week high of Rs 7,947 per share on Thursday.
The company had reported a 42% rise in net profit from Rs 305 crore to Rs 433 crore in the first quarter of the current financial year. The company’s operating also rose from Rs 675 crore Q1FY24 from Rs 852 crore in Q1FY25.
Earlier, Apollo Hospitals announced that it will partner with OneBanc, an AI-powered workplace banking and wellness platform. The aim is to enable new technology-enabled corporate health solutions.