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Apollo Hospitals' promoter family divests 3.6 pc stake in healthcare major to pare debt

PTI New Delhi
Updated: 12-09-2019 16:16 IST
Apollo Hospitals' promoter family divests 3.6 pc stake in healthcare major to pare debt

The promoter family of Apollo Hospitals on Thursday said it has divested 3.6 per cent stake in Apollo Hospitals Enterprise Limited (AHEL) through bulk deal in order to bring down overall debt. "In line with our commitment to bring down debt and associated pledges, the promoter family of Apollo Hospitals, represented by Suneeta Reddy, today divested 3.6 per cent holding in AHEL, through a bulk deal," a statement issued by the promoter family said.

The promoter family holding in the AHEL now has come down to 30.8 per cent, it added. "Once these proceeds are applied along with the net proceeds from the Apollo Munich transaction (expected by end October), the pledge position will come down from the current 76 per cent to around 20 per cent," it added.

There will be no further dilution of promoter stake, the statement said. "We have always maintained that our over-arching priority is to work in the best interest of investors and stakeholders, and to maximise value for them. We believe this decisive step in bringing down pledge levels will best serve the interests of all stakeholders," the promoters said.

The promoter family stays fully committed to the vision of its founder Prathap C Reddy and are fully focused on the growth of the enterprise and its performance, with specific thrust on all three verticals -- healthcare services, standalone pharmacies and retail health, the statement added. Shares of Apollo Hospitals on Thursday ended 2.43 per cent lower at Rs 1,459.10 apiece on the BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)