APL Apollo Tubes’ promoter entity pares 1% stake for ₹485 crore
Summary
APL Infrastructure, promoter entity of APL Apollo Tubes, on Friday, pared a little over 1 per cent stake in the company, for 485 crore, through an open market transaction.According to the bulk deal data available with the National Stock Exchange (NSE), APL Infrastructure, offloaded 30 lakh shares, amounting to a 1.08 per cent stake in APL Apollo Tubes.The shares were disposed of at an average price of 1,618.80, taking the deal size to 485.64 crore.After the stake sale, shareholding of APL Infrastructure in APL Apollo Tubes, have reduced to 26.61 per cent, from 27.69 per cent. The combined stakeholding of promoters in APL Apollo Tubes, has also declined to 28.36 per cent, from 29.44 per cent.Meanwhile, these shares were purchased by SG Tech Engineering, at the same price.On Friday, shares of APL Apollo Tubes, gained 2.69 per cent, to settle at 1,614.35 apiece on the NSE.