Apollo Hospitals on Friday said its promoter group represented by Managing Director Suneeta Reddy has offloaded 1.3 per cent stake in the healthcare for Rs1,489 crore.

The promoter group led by Reddy has sold 18,97,239 shares, amounting to 1.3 per cent stake in Apollo Hospitals Enterprise Ltd via block deal on the stock exchanges, at a price of Rs7,850 per share, the company said in a statement.

The sale proceeds will be utilised to pare down outstanding debt of the promoter group, it added. Subsequent to the sale, the promoter group holding in Apollo Hospitals will reduce to 28 per cent from 29.3 per cent and pledged holdings will reduce from 13.1 per cent to 2 per cent, Apollo Hospitals said.

The transaction fulfils a commitment made to investors to reduce the pledge, the company stated. The company stated that the promoter group does not have any plan of any further stake reduction in the foreseeable future. Shares of Apollo Hospitals Enterprise were trading 0.17 per cent up at Rs 7,938.40 apiece on the BSE.