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February 11, 2019 05:14 PM | Business

Apollo Hospitals to reduce pledged shares by 50% in next 6 months, says MD

Apollo Hospitals tanked in trade on the back of pledged share concerns. The shares of the hospital chain settled at Rs 1,125.20 a piece on the BSE, down 10.62 percent.

CNBC-TV18 spoke to Suneeta Reddy, MD, Apollo Hospitals, to clarify the concerns.

Reddy said, "There was a 5 percent increase in the pledge and this happened because between December 2018 and January 2019 we had to redeem Rs 550 crore of debentures with a CBM of Rs 350 crore. So, in the process of unwinding that five-year instrument, we had to give another 5 percent of our shareholding."

"The issue here is that we also have 10-11 percent on the pledges in excess in the hands of the lenders which we created 2-3 years ago and we do have a liquidity event which got delayed. But it will happen in the next 3-6 months which will bring down on our total pledge by 50 percent for sure," she added.
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