APL Apollo Tubes Promoter Sells 1% Stake for Rs 485 Cr

New Delhi, Jun 7 (PTI) APL Infrastructure, promoter entity of APL Apollo Tubes, on Friday pared a little over 1 per cent stake in the company for Rs 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 Rs 1,618.80, taking the deal size to Rs 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 Rs 1,614.35 apiece on the NSE.