Shares of Apollo Hospitals gained over 5 per cent to Rs 1,574.95 apiece on the BSE in the opening deals on Thursday after the promoter group family of the company said it will be issuing five million shares through secondary placement to raise around $101 million (Rs 720 crore).

The aim of the stake sale is to reduce the promoters’ pledged shares in the company. The deal, for which Citi Group is acting as placement agent and building the book (the term for getting enough investors to buy into a new share issue), is expected to happen in a day or two. 

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