Mumbai: A subsidiary of Apollo Tyres has decided to transfer its entire stake in two hospital subsidiaries at a low valuation, amidst the anger of minority shareholders.

PTL Enterprises on Friday night informed the stock exchanges that its board has approved the cancellation of its notified Medicare Services and Artemis Health Sciences all stakes in Artemis at a cost of around Rs 1.81 billion.

Artemis Health Sciences, a 100% subsidiary of Artemis Medicare Services and PTL Enterprises, operates a bedded 350 corporate hospital in Gurgaon.

25 new beds have been added. Considering the company has 3,500 beds, under construction and 200 beds, the subsidiary is valued at at least Rs. 75 crore per bed or Rs. 20 million per bed, analysts said.

PTL Enterprises Strivess minority shareholder Capital Alok Agarwal said, “This is totally unacceptable. The subsidiary is worth at least Rs 1,000 crore. We have referred the matter to IIAS.” IIAS is an Indian company filing a suit on behalf of: minority shareholders.

“The company is yet to disclose details like who the buyer is and how it got the valuation of Rs 18.1 crore, he added.