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% discount to Thursday’s close.
Reddy held a 3.36% stake in the company as of June 30, per exchange data.
Shares of the company were trading flat on the day.
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The large shareholders’ group - known as “promoters or promoters group” in India - will reduce their stake to 28% from 29.3% 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.
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