Apollo Hospitals' Reddy sells 10.3 lakh shares to promoter co

MUMBAI: Healthcare services provider Apollo Hospitals Enterprise today said that its Chairman Pratap C Reddy has sold 10.3 lakh shares of the company to a promoter group entity PCR Investments for about Rs 70 crore.

Apollo Hospitals in a filing to BSE said that PCR Investments, a promoter group entity, has purchased the shares from Reddy, also a promoter, through open market transactions.

After the purchase at the NSE, PCR Investments now holds 14.99 per cent stake or 19,689,124 shares in the company, up from 14.20 per cent earlier.

At the same time, Reddy's stake has fallen from 2.40 per cent to 1.62 per cent post the transaction.

As on September 30, 2011, PCR Investments held 14.05 per cent stake in the company.

The healthcare major reported a 12.53 per cent rise in its net profit at Rs 55.76 crore for the quarter ended September 30, 2011 compared to Rs 49.55 crore in the year-ago period driven by its healthcare services segment.

Apollo Hospitals operates over 53 hospitals with 8,500 beds across in the country.