Aster DM slips to day’s low on buzz over sale of GCC business

CNBC-TV18 reported citing sources that Fajr Capital along with Aster DM’s promoters will acquire the company’s GCC business.

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Shares of Aster DM Healthcare erased their early gains and slipped into losses in afternoon trade on November 28 following reports that the company will soon announce the sale of its GCC (Gulf Cooperation Council) business.

CNBC-TV18 reported citing sources that Fajr Capital, along with Aster DM’s promoters, will acquire the company’s GCC business in a deal that values it azt $1 billion.

At 1.48pm, shares of Aster DM Healthcare were trading slightly lower at Rs 337.15 on the NSE after hitting its day’s low of Rs 332.80.

The report also stated that independent directors of Aster DM are running the GCC sale process in an attempt to avoid a conflict of interest on the promoter’s part.

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The sale of the GCC vertical is a part of the speculation that Aster DM is considering a potential sale of its India business. As per Bloomberg, the deal value for Aster’s entire business could be more than $2.5 billion, with assets in the Gulf business amounting to around $1 billion and the Indian business being valued at $1.5 billion.

Bloomberg had also reported in March that Dubai-based private equity firm Fajr Capital was a part of the consortium weighing in on buying the majority stake in Aster’s Gulf business.

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