Aster DM, which had closed yesterday at Rs.167.20, shot through the roof to hit a new 52-week high at Rs.180.50, with volume surging over 9.5 times.
The stock has surged on its announcement that Aster DM Healthcare FZC, a material subsidiary of Aster OM Healthcare, proposes to issue a 5-year dollar denominated listed Bond for $400 million.
The primary objective of issue of Bond is the repayment of the current debt of Aster DM Healthcare FZC, capex and general corporate expenses. This will also provide an opportunity to diversify its creditors base and access to deeper pool of liquidity for future by increasing the company's profile.
This apart, the market is thrilled with its Q3FY20 performance wherein, it posted a 34% (YoY) rise in consolidated net profit at Rs.151 crore. This was on a revenue of Rs.2322 crore v/s Rs.2150 crore posted in previous Q3.