Aster DM Healthcare stock saw 9.3 percent of its equity being sold for Rs 1,607 crore in block deals on June 21, with PE firm Olympus likely selling part of its balance stake in the company.
Earlier, on June 20, Moneycontrol had reported that Olympus is looking to sell 5 percent equity stake in Aster DM, with a option to sell another 5 percent -- which would mark its complete exit from the Indian healthcare company.
As many as 4.7 crore shares changed hands, at Rs 345 per share -- at a discount of over 3 percent to the last closing price. The transaction price is also about 15 percent lower than Olympus' last stake sale in the company.
Earlier, in March, Olympus had divested 9.8 percent stake in Aster DM for Rs 1,978 crore, at Rs 405-406.72 per share, leaving it with 10.1 percent shareholding in the firm.
Aster DM share price marginally rose on June 21, extending previous day's 1.1 gain. It was trading above Rs 357 in the opening trade. The stock has fallen nearly 19 percent since 27 March -- when Olympus last sold stake -- and has fallen 36 percent from its mid-April high.
Aster DM Healthcare had launched a big-bang internal rejig exercise back in the year 2022 to unlock value, and had tapped Gulf funds and sovereign funds to sell stake in its carved-out Middle East business.
In November 2202, Aster DM Healthcare approved the sale of its Middle East or GCC (Gulf Co-Operation Council) business to Alpha GCC Holdings Ltd for an equity value of a billion dollars.
Aster DM Healthcare, which chiefly operates in India and the Middle East region, made its domestic market debut in February, 2018. The promoter family currently holds 41.88 percent stake in the company.
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