Ramsay Health Care's (ASX:RHC) share price is down over 5 per cent after the company today revealed that the Paul Ramsay Foundation is reducing its stake in the private hospital operator.
According to the release, the foundation has entered into a block trade agreement with two financial institutions to sell 22 million ordinary shares at $61.80 per share.
The sale represents about 10.9 per cent of the issued share capital.
Following settlement of the Block Trade, Paul Ramsay Holdings will continue to hold approximately 21 per cent of the issued share capital in the company.
Shares in Ramsay Healthcare (ASX:RHC) are trading 5.3 per cent lower at $61.74.