The promoter family of the Apollo Hospitals Group has issued a note to the press announcing that it has divested 3.6% holding in Apollo Hospitals Enterprise Ltd. bringing the promoter holding down to 30.8%.
The attempt is to apply the proceeds of this divestment and the net proceeds from the Apollo Munich transaction to bring down the pledge position from the current 76% to 20%.
"In line with our commitment to bring down debt and associated pledges, the promoter family of Apollo Hospitals, represented by Ms. Suneeta Reddy, today divested 3.6% holding in Apollo Hospitals Enterprise Limited (AHEL), through a bulk deal. Promoter holding in AHEL now stands at 30.8%," says the note.
"Once these proceeds are applied along with the net proceeds from the Apollo Munich transaction (expected by end October), the pledge position will come down from the current 76% to around 20%," the note adds, claiming that "There will be no further dilution of promoter stake."