Shares in Apollo Hospitals were offloaded in a block deal worth 14.89 billion rupees ($170.5 million), exchange data showed on Friday.
About 1.9 million shares were sold at a floor price of 7,850 rupees apiece. The price is a near 1% discount to Thursday’s close.
Shares of the company were trading 0.5% lower in early trade on Friday.
Apollo Hospitals’ Managing Director Suneeta Reddy is likely to divest up to 1.25% stake worth 13.95 billion rupees, news channel CNBC-TV18 reported on Thursday, citing sources.
Suneeta Reddy and Apollo Hospitals did not respond to Reuters’ requests for comments.
Reddy held a 3.36% stake in the company as of June 30, per exchange data.
($1 = 87.3380 Indian rupees)
Reuters
