Apollo Hospitals promoter group will issue 50 lakh shares to reduce stake

The promoter group family of Apollo Hospitals Enterprise Ltd (AHEL) will be issuing five million shares through secondary placement to raise around $101 million (Rs 720 crore).

The aim is to reduce the promoters' pledged shares in the company. The deal, for which Citi Group is acting as placement agent and building the book (the term for getting enough investors to buy into a new share issue), is expected to happen in a day or two.

A combination of foreign and domestic institutional investors are expected to participate, said sources. The floor price is Rs 1,450 a share. Around 3.6 per cent