January 2016, Business
Apollo Energy Company Ltd, an Apollo Hospitals Group company will divest 23.3 per cent shareholding in its Insurance Company to its joint venture partner Munich Re of Germany for Rs.163.5 crore.
This was approved by the Board of Apollo Energy at a meeting held on Monday, an announcement by the company said. Post the transaction, which is expected to be completed by end of the first quarter of 2016, Apollo Hospitals Group’s shareholding in Apollo Munich would be 51.1 per cent. Consequently, Munich Re’s shareholding in the health insurance JV would move to 48.7 per cent and 0.2 per cent will be held by employees.