Aster DM shares scale 52-week high on sale of Gulf business for $1 billion

The business has been sold to Alpha GCC Holdings, which will be owned by the promoter/ promoter group of Aster India and funds managed by Middle East private equity firm Gulf-based Fajr Capital Advisors.

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Shares of Aster DM Healthcare surged 15 percent and hit a 52-week high of Rs 381.80 in opening trade on November 29 after the company approved the sale of its Middle East or GCC (Gulf Co-Operation Council) business to Alpha GCC Holdings Ltd for around $1.01 billion.

Alpha GCC Holdings will have ownership shared between the promoters/ promoter group of Aster India, while funds will be managed by Middle East private equity firm Fajr Capital Advisors in a shareholding ratio of 35:65 at the closing of the transaction.

Moneycontrol was first to report that Aster DM Healthcare was planning on a mega internal rejig to unlock value and had been in talks with  Gulf funds and sovereign funds to sell stakes in its carved-out Middle East business. The report also said that investment banks Credit Suisse and Moelis were roped in as advisors.

At 9.38am, shares of Aster DM Healthcare were trading 12.3 percent higher at Rs 373.35 on the NSE. Shares of the hospital chain have also risen over 10 percent in the past three months in anticipation of the business sale.

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Dr Azad Moopen, managing director of Aster DM Healthcare, in an interaction with CNBC-TV18 stated that the company will infuse a large part of the proceeds from the business sale into dividends while some part of it will be used as growth capital.

The company will also use some money from the sale to purchase stake in the Gulf business.

Talking about speculations about the sale of Aster DM’s India business, Moopen said that the company will look to raise its stake in the segment if resources remain available. Moopen also spoke on Aster DM’s plans of adding 1,500-1,600 beds over the next 2-3 years as the hospital chain remains committed to the India market.

He also revealed that the sale of the Gulf business will wipe out much of the company’s overall debt as a larger part of it was due to that vertical.

Also read | Aster DM Healthcare seals deal for sale of GCC Business for $1 bn; Fajr Capital roped in

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