Apollo Hospitals promoter Suneetha Reddy has sold a 1.3% stake in the company through a block deal
Mumbai
Apollo Hospitals Enterprise Ltd (AHEL) on Friday confirmed that promoter Suneetha Reddy has divested 1.3% of her stake in the company through a block transaction. The deal involved the sale of 18.97 lakh shares at ₹7,850 each, about 1% lower than Thursday’s closing price on the NSE.
As a result of the transaction, the collective promoter holding in the healthcare major will decline from 29.3% to 28%. The company further noted that the proportion of promoter holdings under pledge will also drop sharply, from 13.1% earlier to just 2%. According to NSE data, Reddy owns a total of 48.34 lakh shares, translating to a 3.36% stake in the company.
The proceeds from the sale are expected to be used for reducing promoter group debt. Morgan Stanley India Company Private Limited facilitated the block deal as the selling broker.
On the markets front, Apollo Hospitals’ stock reacted mildly to the development. Shares slipped only 0.11% and were trading at ₹7,919 around 10:30 am on Friday, after hitting a fresh 52-week high of ₹7,947 in the previous session.
Apollo Hospitals has been reporting robust financials. For the first quarter of FY25, the company posted a 42% jump in net profit, rising to ₹433 crore from ₹305 crore a year ago. Operating profit also climbed from ₹675 crore in Q1FY24 to ₹852 crore in Q1FY25.
In a separate update, Apollo recently tied up with AI-powered workplace banking platform OneBanc to roll out technology-led corporate health and wellness solutions.
