Aster DM Healthcare shares plunge 7% amid block deal; Olympus Capital likely seller

Shares of Aster DM Healthcare Ltd took a beating, falling over 7 per cent in Wednesday's trade amid high turnover. There were reports that private equity firm Olympus Capital Asia was looking to offload 9.8 per cent stake in the company for up to Rs 1,953 crore (nearly $234.50 million). Olympus Capital, which held about 19 per cent stake in the hospital chain, was planning the sale at Rs 400-437.20 rupees per share, according to a term sheet seen by Reuters. Business Today could not independently verify the news report.

The lower end of the range suggested a 8.5 per cent discount to Aster DM Healthcare's Tuesday's closing price. Following the report, shares of Aster DM Healthcare fell 7.24 per cen to hit a low of Rs 436.65 on BSE. Within the fist few minutes, the Aster DM Healthcare counter witnessed Rs 2,022.97 crore in turnover on BSE. A total of 4.99.03 Aster DM Healthcare shares changed hands against a two-week average of 29,000 shares.

Reuters had reported in May that investors in Aster DM are in talks to sell a 30 per cent stake in the company's India business for about $300 million, with Olympus Capital pegged to be one of the shareholders considering a stake sale. Kotak Securities will act as the sole bookrunner for the stake sale, according to the term sheet.