The sale proceeds will be utilised to pare down outstanding debt of the promoter group, according to a statement.
Subsequent to the sale, the promoter group’s holding in Apollo Hospitals will reduce to about 28% (from the current 29.3%), and the pledged holdings of the promoter group (as a percentage of their total holding) will reduce from 13.1% to about 2%. The transaction fulfils a commitment made to investors to reduce the pledge.
Morgan Stanley India Company Pvt Ltd acted as the selling broker to the sale.
The promoter group continues to stay fully focused on the growth of Apollo Hospitals, Apollo Health Co and Apollo Health and Lifestyle – to create long-term value in each vertical, reiterating its commitment towards high-quality healthcare for every Indian. The promoter group does not have any plans for any further stake reduction in the foreseeable future.
