India, Aug. 22 -- Suneeta Reddy, promoter and managing director in Apollo Hospitals Ltd., has offloaded a 1.3% stake in the hospital chain via a block deal.

About 1.9 million shares were sold at a floor price of Rs.7,850 apiece, valuing the sale at Rs.1,489 crore, according to an exchange filing on Friday. The price is a near 1% discount to Thursday's close.

Reddy held a 3.36% stake in the company as on 30 June.

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 in the exchange filing. The proceeds will be used to reduce outstanding debt of the promoter group. There are no plans to reduce the stake further.

Published by HT Digital Co...