Foreign brokerage CLSA will offload its entire 6.15 per cent holding in Chennai-based Apollo Hospitals Enterprise by way of a block deal tomorrow.
According to a term sheet, CLSA Mauritius Ltd will sell 8.55 million shares of Apollo in a price range of Rs 824-Rs 876.6 per share.
Depending on the pricing, the share-sale could fetch Rs 705-Rs 750 crore. Shares of Apollo closed 2.9 per cent higher at Rs 874.9 yesterday. The lower end of the price band is nearly six per cent lower to yesterday’s closing.
Citi will act as the sole book running lead manager for the transactions.
Share-sale activity by way of block deals has been buzzing this year. Several large foreign institutions have offloaded their holdings in Indian companies, especially in the financial sector, through block transactions.
On Tuesday, L&T Finance sold nearly eight million shares of Federal Bank through block deals at an average of Rs 453 per share.
