Foreign brokerage CLSA will offload its entire 6.15% holding in Chennai-based Apollo Hospitals Enterprise by way of block deal tomorrow.
As per a term sheet, CLSA Mauritius Limited will sell 8.55 million shares of Apollo in a price range between Rs 824 and Rs 876.6 per share.
Depending on the pricing, the share-sale could fetch anywhere between Rs 705 crore and Rs 750 crore.
Shares of Apollo closed 2.91% higher at Rs 874.9 on Tuesday. The lower end of the price band is nearly 6% lower to Tuesday's closing.
Citi will act as the sole book running lead manager for the transactions.
Share-sale activity by way of block deals has been buzzing this year. Several large foreign institutions have offloaded their holdings in Indian companies, especially in the financial sector, through block transactions.
On Tuesday, L&T Finance sold nearly 8 million shares of Federal Bank through block deals at an average of Rs 453 per share. Earlier this year, investors have sold holdings in Yes Bank, HDFC Bank, Kotak Mahindra Bank and ICICI Bank through block deals.
