Technoglitch
Core Member
The board of directors of Apollo Energy Company Ltd, an Apollo Hospitals Group company, has 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.
The proposed transaction values Apollo Munich at Rs. 703 crore. Completion of the proposed transaction is subject to applicable regulatory approvals and execution of customary agreements, which is expected to be completed at the end of the first quarter of 2016.
Post-consummation of the transaction, Apollo Hospitals Group’s shareholding in Apollo Munich will stand reduced to 51.1 per cent from 74.4 per cent. Correspondingly, Munich Re’s shareholding in Apollo Munich will move to 48.7 per cent and 0.2 per cent will be held by employees. Apollo Hospitals will continue to hold its stake in Apollo Munich.
Prathap C Reddy, Chairman, Apollo Munich Health Insurance Company Ltd, and Chairman, Apollo Hospitals Enterprise Ltd said, “Insurance is a key element for making quality healthcare facilities accessible to the masses. The show of confidence from our joint venture partner will go a long way in helping the group achieve its vision of ‘Healthcare for all’.
Apollo Hospitals Group agrees to sell 23.3% stake in Apollo Munich | Business Line
The proposed transaction values Apollo Munich at Rs. 703 crore. Completion of the proposed transaction is subject to applicable regulatory approvals and execution of customary agreements, which is expected to be completed at the end of the first quarter of 2016.
Post-consummation of the transaction, Apollo Hospitals Group’s shareholding in Apollo Munich will stand reduced to 51.1 per cent from 74.4 per cent. Correspondingly, Munich Re’s shareholding in Apollo Munich will move to 48.7 per cent and 0.2 per cent will be held by employees. Apollo Hospitals will continue to hold its stake in Apollo Munich.
Prathap C Reddy, Chairman, Apollo Munich Health Insurance Company Ltd, and Chairman, Apollo Hospitals Enterprise Ltd said, “Insurance is a key element for making quality healthcare facilities accessible to the masses. The show of confidence from our joint venture partner will go a long way in helping the group achieve its vision of ‘Healthcare for all’.
Apollo Hospitals Group agrees to sell 23.3% stake in Apollo Munich | Business Line
