APL Infrastructure Sells 1% Stake in APL Apollo Tubes for Rs 485 Crore

APL Infrastructure, the promoter entity of APL Apollo Tubes, sold a little over 1% stake for Rs 485 crore through an open market transaction. The deal involved the sale of 30 lakh shares, reducing APL Infrastructure's shareholding from 27.69% to 26.61%. SG Tech Engineering purchased the shares.

In a significant market move, APL Infrastructure, the promoter entity of APL Apollo Tubes, sold a little over 1 percent stake in the company for Rs 485 crore through an open market transaction on Friday.

According to data from the National Stock Exchange (NSE), APL Infrastructure offloaded 30 lakh shares, equivalent to a 1.08 percent stake in APL Apollo Tubes. The shares were sold at an average price of Rs 1,618.80, bringing the total transaction value to Rs 485.64 crore.

Following the stake sale, APL Infrastructure's shareholding in APL Apollo Tubes dropped from 27.69 percent to 26.61 percent. The overall promoter holding in the company has also declined from 29.44 percent to 28.36 percent. The shares were acquired by SG Tech Engineering at the same price. On the same day, APL Apollo Tubes' shares saw a 2.69 percent increase, closing at Rs 1,614.35 on the NSE.