APL Apollo Tubes’ promoter entity pares 1% stake for ₹485 crore

APL Infrastructure, promoter entity of APL Apollo Tubes, on Friday, pared a little bit over 1 per cent stake within the firm, for ₹485 crore, via an open market transaction.

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In keeping with the majority deal knowledge obtainable with the Nationwide Inventory Alternate (NSE), APL Infrastructure, offloaded 30 lakh shares, amounting to a 1.08 per cent stake in APL Apollo Tubes.

The shares had been disposed of at a mean worth of ₹1,618.80, taking the deal dimension to ₹485.64 crore.

After the stake sale, shareholding of APL Infrastructure in APL Apollo Tubes, have lowered to 26.61 per cent, from 27.69 per cent. The mixed stakeholding of promoters’ in APL Apollo Tubes, has additionally declined to twenty-eight.36 per cent, from 29.44 per cent.

In the meantime, these shares had been bought by SG Tech Engineering, on the similar worth.

On Friday, shares of APL Apollo Tubes, gained 2.69 per cent, to settle at ₹1,614.35 apiece on the NSE.