May 18, 2017 / 4:17 AM / 4 months ago

Apollo Hospitals shares fall; Khazanah arm selling stake

Patients and their attendants are seen inside Apollo hospital in New Delhi, India, September 8, 2015. REUTERS/Adnan Abidi/Files

MUMBAI (Reuters) - India’s Apollo Hospitals Enterprise Ltd shares fell as much as 2.7 percent on Thursday as an arm of Malaysian sovereign fund Khazanah was looking to exit the healthcare provider by selling its remaining 4.78 percent stake.

Integrated (Mauritius) Healthcare Holdings Ltd, an arm of the Malaysian fund, was looking to sell up to 6.7 million shares in Apollo Hospitals at a price range of 1,245 rupees to 1,260 rupees apiece, below its 1,280.20 closing price on Wednesday, according to a deal term sheet.

Stock exchange data as of 0401 GMT showed more than 6.6 million shares in the hospitals operator changed hands in a string of block deals.

Deutsche Bank was the bookrunner for the stake sale.

In March, the Khazanah arm sold a 10.6 billion-rupee stake in Apollo Hospitals.

Reporting by Manoj Rawal and S. Anuradha of IFR; Writing by Rafael Nam; Editing by Devidutta Tripathy

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