Shares of Dr. Agarwal Health Care Ltd. plunged as low as 7.5% on Wednesday to Rs 501 on the NSE. The decline came amid speculation of a Rs 2,000 crore blockdeal.
As of 9:57 a.m., the shares pared some losses to trade 5% lower.
Temasek, TPG entities are seeking to sell stake in Dr. Agarwal via block deals today, sources told NDTV Profit. Hyperion Investments and Claymore Investments are the buyers.
Offer Price for the block is kept at Rs 500, a 7.7% discount to CMP. The base of block size is 35 million shares, equivavalent to 11% stake. Upsize option at 5 million shares, translating to a 2% stake.
The total block size is Rs 2000 crore, the sources outlined, adding that there will be a 90 days lock in period for balance stake. Kotak Securities and IIFL Capital bankers to the deal.
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