Mumbai, Aug. 22 -- The aforementioned stake sale was executed through a block deal on the stock exchanges, at a price of Rs 7850 per share, a discount of nearly 1% to the closing price yesterday. Accordingly, the total value of the said transaction is Rs 1,489.33 crore

The sale proceeds will be utilised to pare down outstanding debt of the Promoter Group.

Subsequent to the sale, the Promoter Group holding in Apollo Hospitals will reduce to nearly 28% (from the current 29.3%) and pledged holdings of the Promoter Group (as a percentage of their total holding) will reduce from 13.1% to approximately 2%.

"The transaction fulfils a commitment made to investors to reduce the pledge," the company said in a statement.

The company further adde...