APL Apollo Tubes' Promoter Entity Pares 1% Stake For Rs 485 Crore

APL Infrastructure, the promoter of APL Apollo Tubes, sold over 1% of its stake in the company for Rs 485 crore through open market transaction on Friday. APL Infrastructure has divested 30 lakh shares, which constitutes 1.08% stake in APL Apollo Tubes, according to bulk deal data from the NSE.

The promoter sold the shares 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 has reduced to 26.61% from 27.69%. The combined stake holding of promoters in APL Apollo Tubes has also declined to 28.36% from 29.44%.

Meanwhile, these shares were purchased by SG Tech Engineering at the same price.

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

(With inputs from PTI)