Apax sells further 3.52% stake in Apollo Hospitals

CHENNAI: Apax Partners has sold a further 3.52% stake in Chennai-based Apollo Hospitals for about Rs 404 crore in an open market transaction on Thursday.

According to the bulk deal data on the Bombay Stock Exchange, Apax Partners Europe Management Ltd-HSTN Acquisition (FII) Ltd sold 49 lakh shares at Rs 824.55 a share. Oppenheimer Funds picked up the stake.

Two weeks ago, Apax had sold about 63.85 lakh shares or a 4.59% stake in Apollo Hospitals for about Rs 530 crore to Oppenheimer. Apax invested in India's largest hospital chain in September 2007 by pumping in Rs 426.4 crore, or Rs 605.07 a share, through a preferential issue.

As of December 2012, Apax Partners owned 1.34 crore shares, or a 9.67% stake, in Apollo Hospitals. Besides it also has 3.17% through GDR. Apax was the company's second-biggest public shareholder after Malaysian sovereign fund Khazanah which holds a 10.85% stake.

Last year, foreign brokerage firm CLSA (Mauritius) Ltd sold its entire 6.15% stake in the company for Rs 707 crore.