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Our Bureau

Chennai , Sept. 14

Apollo Hospitals Enterprise Ltd has decided to divest its entire holding of 33 per cent in its Sri Lankan joint venture "by participating in the open offer made by Sri Lanka Insurance Corporation Ltd", the company has said in a notification to the stock exchange.

At the offer price of Rs 12.62 per share (Sri Lankan Rs 28), Apollo will get Rs 65 crore for its 5.20 crore shares in the venture.

However, sources said that Apollo Hospitals would continue to manage the hospital run by the Sri Lankan joint venture, because the management contract stayed.

Sources close to the development also said that there was no acrimony between the partners — in fact, Sri Lanka Corporation "did not want us to sell our stake".

More Stories on : Mergers & Acquisitions | Medical Institutions & Hospitals | Open Offers

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