APL Apollo Tubes promoter sells company's shares worth Rs 289 crore

APL Infrastructure Pvt Ltd on Tuesday offloaded 30 lakh shares of APL Apollo Tubes worth a little over Rs 289 crore through an open market transaction.

As per bulk deal data available on BSE, 30 lakh shares of APL Apollo Tubes were sold by APL Infrastructure at an average price of Rs 965.15 apiece. This took the total deal value to Rs 289.54 crore.

In a separate transaction, 8.59 lakh shares of APL Apollo were purchased by Smallcap World Fund Inc at an average price of Rs 965 per scrip.

According to the company's latest shareholding pattern, APL Infrastructure held 34.86 per cent stake in APL Apollo Tubes as a promoter.

On Tuesday, shares of APL Apollo settled 2.17 per cent lower at Rs 956.25 apiece on the BSE.