Private equity firm Olympus is looking to sell nearly 10 per cent of its existing stake in Aster DM Healthcare through a block deal, multiple industry sources in the know told Moneycontrol.
"Olympus Capital Asia Investments Ltd holds 18.96 per cent stake currently in Aster DM, of which it is looking to offload 9.8 per cent stake," said one of the persons quoted above.
"The block deal size is around $235 million. The floor price is at Rs 400 per share," added a second person. The floor price represents nearly 9% discount from current market price of Aster DM's stock (Rs 438.55). A third person told Moneycontrol that Kotak Mahindra Capital is the advisor on the proposed block trade.
All the three persons quoted above spoke to Moneycontrol on the condition of anonymity. Olympus and Kotak Mahindra Capital couldn't be reached for an immediate comment.
The Aster DM Healthcare stock has risen by nearly 35 per cent in the last 6 months.
ALSO READ: 'If we get like-minded investors, will induct for India biz post GCC,' says Dr Azad Moopen
In November, in a big-bang deal in the domestic healthcare sector, 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.
On September 20, 2022, Moneycontrol was the first to report that Aster DM Healthcare had launched a big-bang internal rejig exercise to unlock value and had tapped Gulf funds and sovereign funds to sell stake in its carved-out Middle East business.
The promoter family currently holds 41.88 per cent stake in Aster DM Healthcare.
Post the announcement of the GCC deal, when asked if the firm would be open to sell a majority stake in the India business as well, Dr Azad Moopen, Chairman, Aster DM Healthcare said, " If it's a very good partner who comes in and we have the strategic benefit of having a team and we have the knowledge, then we are okay to go with not a majority stake, but we can go with a joint control and things like that. We can definitely discuss about that."
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