Apollo Hospitals 6 percent stake sold for Rs 1,070 crore

IHH Healthcare Berhad, Asia's largest private healthcare group has reportedly sold six percent stake of it in Apollo Hospitals Enterprise for Rs 1,070 crore ($160 million). According to the media reports, IHH is primarily focusing to run its own Hospital business in India.

TOI reports that IHH Mauritius has sold the around 84.4 lakh shares of Apollo in the price range of Rs 1,267-Rs 1,320 per share in bulk deals.

Till the end of the December 2016, IHH held around 10.85 per cent equity share in Apollo Hospitals Enterprise Ltd. It is expected that this exit from the Apollo Hospitals will help the IHH to build its own hospital business in India. It has acquired around 73.4 per cent stake in Global Hospitals in August 2015, for 195 million dollars.

A Krishnan, Chief financial officer of Apollo Hospitals told TOI, "IHH had informed us of their intention to sell. Today we hear that they have offloaded nearly 6% through secondary market sales. While we are not aware who the buyers are, we believe that some FIIs and DIIs including MFs could have picked the shares up."

IHH owns Singapore-based Parkway Pantai, the largest private hospital operator of Southeast Asia, and the International Medical University in Kuala Lumpur, and is also the majority shareholder of Acıbadem Healthcare Group, the largest Turkish private healthcare company. IHH owns 51% of the Hyderabad-based private healthcare provider Continental Hospitals Limited in India.