Apollo Hospitals Group to sell 23.3% stake in Apollo Munich
NEW DELHI: Apollo Hospitals Group firm Apollo Energy Company will sell 23.3 per cent of its shareholding in Apollo Munich Health Insurance Company to its German partner Munich Re for Rs 163.5 crore.
Post the transaction, Munich Re's stake in the insurance joint venture would increase to 48.7 per cent.
Subject to various approvals, the deal is expected to be complete at the end of the first quarter of 2016, according to a statement.
"The Board of Directors of Apollo Energy Company Ltd, an Apollo Hospitals Group Company, at a meeting held today, approved the divestment of 23.3 per cent shareholding in Apollo Munich Health Insurance Company Ltd (Apollo Munich) to its joint venture partner, Munich Re of Germany for Rs 163.5 crore," it said.
The proposed transaction values Apollo Munich at Rs 703 crore.
"Post consummation of the transaction, Apollo Hospitals Group's shareholding in Apollo Munich shall stand reduced from 74.4 per cent to 51.1 per cent.
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