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Metropolis Healthcare promoter divested 6.03 percent shares for Rs 422.58 crore

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Mumbai-based diagnostic company Metropolis Healthcare has said, “Its promoter has divested 6.03 percent shares in the company for Rs 422.58 crore.”

In a filing with the exchange, the company said, “A member of the promoter group of the company has divested 30,50,545 equity shares of the company constituting 6.03 percent of the issued and paid-up share capital of the company through a bulk deal transaction on the stock exchanges today.”

“The shares have been sold for Rs 1,383.44 per equity share amounting to Rs 422.58 crores as sale proceeds,” the filing added.

Speaking on the development, Ameera Shah, Promoter & MD of Metropolis Healthcare said, “We have sold a small part of our holding today in line with our commitment to bring down debt and associated pledges at the promoter and promoter group level.”

“The book building saw strong demand from institutions both Domestic and International,” Ameera said.

“The proceeds from this divestment are intended to be used for substantial repayment of the loan availed by Metz Advisory LLP. The pledge of equity shares by Metz Advisory LLP, Ameera Shah, Sushil Shah, and Duru Sushil Shah for substantial repayment of the loans availed by Metz Advisory LLP is in overall interests of all shareholders,” the filing said.

Adding to the filing, Metropolis further said, “Post this divestment, the Promoter along with the Promoter Group holding would constitute 50.81% of the paid-up capital of the company, which was 56.84% before divestment.”

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