Healthcare major Apollo Hospitals Group has divested 23.3 per cent stake in the insurance arm Apollo Munich Health Insurance Company Ltd to its joint venture partner Munich Re of Germany for Rs 163.5 cr. The proposed transaction values Apollo Munich at Rs 703 cr.
Post the transaction, Apollo Hospitals Group’s shareholding in the health insurance joint venture will come down from 74.4 per cent to 51.1 per cent. Correspondingly, Munich Re’s shareholding in it will go up to 48.7 per cent. The remaining 0.2 per cent stake of Apollo Munich Health is with the employees.
“The Board of Directors of Apollo Energy Company Ltd, an Apollo Hospitals Group company, at a meeting held today, approved the divestment of 23.3 per cent shareholding in Apollo Munich Health Insurance Company Ltd to its joint venture partner, Munich Re of Germany for Rs 163.5 cr,” Apollo Hospitals said in a release.
Completion of the proposed transaction is subject to applicable regulatory approvals and execution of customary agreements, which is expected to be completed at the end of the first quarter of 2016. “Insurance is a key element for making quality healthcare facilities accessible to the masses.
