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Metropolis Healthcare stock gains after promoter cuts stake to reduce debt

Share price of Metropolis Healthcare gained 2.58% to Rs 1,435 against previous close of Rs 1,398 on BSE

twitter-logoBusinessToday.In | June 25, 2020 | Updated 20:35 IST
Metropolis Healthcare stock gains after promoter cuts stake to reduce debt
The midcap stock has gained after 3 days of consecutive fall

Metropolis Healthcare share price surged in trade today after the firm said a promoter has sold 6.03% stake in the company for Rs 422.58 crore to repay debt. Share price of Metropolis Healthcare gained 2.58% to Rs 1,435 against previous close of Rs 1,398 on BSE. Later, it closed 1.84% higher at Rs 1424.

The stock trades higher than 50 day moving averages but lower than 5 day, 20 day, 100 day and 200 day moving averages.

The midcap stock has gained after 3 days of consecutive fall. The stock rose 46.88% in one year but fell 2.12% since the beginning of this year. However, the share has gained 11.39% in one month.

Market cap of the firm rose to Rs 7,219 crore. Total 8,622 shares were traded amounting to a turnover of Rs 1.23 crore.

A member of the promoter group of Metropolis Healthcare divested 30,54,545 equity shares of the company, constituting 6.03% equity, through a bulk deal on BSE at Rs 1,383.44 per equity share on Wednesday (24 June).

Post this divestment, the promoter group holding in Metropolis Healthcare has reduced to 50.81% from 56.84% earlier.

"The proceeds from this divestment are intended to be used for substantial repayment of the loan availed by Metz Advisory LLP. 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 firm said.

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