Apollo Hospitals gains on stake sale in outsourcing arm

Signed a definitive agreement with Sutherland Global Services to sell 100% of the shares of its associate company Apollo Health Street.

Apollo Hospitals Enterprises has opened higher by 2.5% at Rs 825 on BSE after the company said that it has signed a definitive agreement with Sutherland Global Services, a global provider of business process and technology management services, to sell 100% of the shares of its associate company Apollo Health Street.

Apollo Health Street provides customised strategic support services to more than 150 healthcare partners throughout the US from 10 global operational centers of excellence.

“The transaction is expected to close by February 2013, subject to customary regulatory and other conditions,” Apollo Hospitals said in a statement.

The stock hit a low of Rs 814 and has seen a combined 46,200 shares have changing hands in opening deals on both the exchanges.