Now Reading: TPG sells 6.66% Aster DM stake for Rs 4,451 crore
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TPG sells 6.66% Aster DM stake for Rs 4,451 crore
TPG, through its affiliate Centella Mauritius Holdings, sold a 6.66% stake in Aster DM Quality Care for Rs 4,451.45 crore in an open market transaction on August 20. The shares were sold at an average price of Rs 766.17 apiece.
After the sale, Centella's holding in the Hyderabad-based healthcare chain dropped from 9.90% to 3.24%. HDFC Mutual Fund, Kotak Mahindra MF, Citigroup Global Markets Singapore and Integrated Core Strategies Asia jointly bought shares worth Rs 2,287.63 crore.
Aster DM shares fell 2.2% to close at Rs 800 on the NSE.
Indian Opinion Analysis
TPG bought into Aster DM in 2019 at a reported enterprise value of about $1 billion for the chain's India and Gulf operations. The partial exit at a steep premium signals strong investor appetite for hospital assets, which have seen a valuation re-rating post-pandemic. Aster DM operates 38 hospitals across India and the Middle East. The sale leaves the PE firm with a residual 3.24 percent stake, worth roughly Rs 2,200 crore at current prices. A full exit would require another large block deal or a strategic sale. Watch for further stake sales by PE investors in hospital chains over the next six months.
Source: thehindubusinessline.com
This story was synthesised by AI from the source linked above. Methodology and corrections.
