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MUMBAI : Diagnostics chain Metropolis Healthcare Ltd's promoter Duru Sushil Shah has divested 3.05 million shares or 6.03% per cent stake in the company for 422.58 crore.

The promoter shareholder divested 30,54,545 equity shares of the company constituting 6.03% of the issued and paid-up share capital of the company through a bulk deal at a price of 1,383.44 per equity share, Metropolis Healthcare said in a regulatory filing on Thursday.

The proceeds from this divestment are intended to be used for repayment of loans availed by Metz Advisory LLP, a promoter group entity, according to the filing. The pledge of equity shares of the company created in favour of the lenders by Metz Advisory LLP, Ameera Shah, Sushil Shah and Duru Sushil Shah, will proportionately be released by the lenders to the extent of the repayment, in terms of the loan arrangement, the company said.

Ameera Shah, Promoter and Managing Director, Metropolis Healthcare Ltd said “We have sold a small part of our holding today, in line with our commitment to bring down debt and associated pledges at the Promoter and Promoter Group level. The book building saw strong demand from institutions both Domestic and International. Existing as well as New holders have purchased the shares. The share sale happened at a marginal discount and saw interest from Institutional Investors thus reposing their confidence and the faith in Metropolis story, its promoters and senior Management Team".

Metropolis reported a drop of 55.10% in its consolidated net profit to 15.49 crore for the quarter ended 31 March 2020 against crore for the same quarter last year. Net Sales rose 2.5% to 206.97 for the March quarter over 201.88 crore for the corresponding quarter last year.

At 2:04 pm, shares of Metropolis Healthcare Ltd were up 2% at 1427.35 apiece on the BSE, while the benchmark Sensex was flat at 34,893.27 points.

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