Cyril Amarchand Mangaldas has advised Centella Mauritius Holdings Limited on the ₹4,700 crore Aster DM Quality Care block deal, one of the most significant secondary share sales in the Indian healthcare sector in recent months. Centella Mauritius Holdings Limited, a TPG-backed special purpose investment vehicle, sold 6,24,00,000 equity shares of Aster DM Quality Care Limited for ₹4,700 crore. The transaction was executed through the block trade window on India’s two major stock exchanges.
Introduction
Cyril Amarchand Mangaldas advised Centella Mauritius Holdings Limited, a TPG-backed special purpose investment vehicle, with respect to the sale of equity shares of Aster DM Quality Care Limited. Centella sold 6,24,00,000 equity shares of the company, representing approximately 7.16% of its equity share capital, by way of share sales on the screen-based trading system of the National Stock Exchange of India Ltd. and BSE Ltd., through the block trade window, for an aggregate consideration of approximately ₹4,700 crore.
Centella Mauritius Holdings is a special purpose investment vehicle controlled by the affiliates of TPG Inc. The shares were offered at a floor price through the exchange’s block trade mechanism, which allows large institutional transactions to be executed with minimal market disruption. The seller’s residual stake was subject to a 60-day lock-in period following the transaction.
Deal Value
Cyril Amarchand Mangaldas advised Centella Mauritius Holdings Limited with respect to the sale of equity shares of Aster DM Quality Care Limited. Centella sold 6,24,00,000 equity shares of the company — approximately 7.16% of its equity share capital — on the screen-based trading of the National Stock Exchange of India Ltd. and BSE Ltd., in the block trade window, for an aggregate consideration of approximately ₹4,700 crore.
The shares were priced at ₹766.10, representing a 6.3% discount to the previous closing price.
Legal Teams Involved
Cyril Amarchand Mangaldas acted as sole legal counsel on the transaction, advising the seller, Centella Mauritius Holdings Limited. Cyril Amarchand Mangaldas advised Centella Mauritius Holdings on this transaction. The transaction was led by Yash J. Ashar (Senior Partner), Iqbal Khan (Senior Partner), Manshoor Nazki (Partner, Regional Co-Head – Capital Markets – South) and Ashid Basheer (Partner).
The CAM team on record for this transaction:
- Yash J. Ashar — Senior Partner
- Iqbal Khan — Senior Partner
- Manshoor Nazki — Partner, Regional Co-Head – Capital Markets – South
- Ashid Basheer — Partner
Legal advisers to any other parties involved in the transaction were not disclosed. For a broader view of recent deal activity in the Indian legal market, see the Deal Meter.
Significance and Impact
This transaction marks a material divestment by TPG from its post-merger position in Aster DM Quality Care Limited. The transaction increases focus on the hospital platform barely two months after the merger of Aster DM Healthcare and Quality Care India became effective. The scale of the divestiture — 6.24 crore shares representing 7.16% of the company’s equity — underscores the continued appetite among institutional investors to unlock value through India’s block trade mechanism on the NSE and BSE.
Centella Mauritius Holdings held a 9.9% stake in Aster DM Quality Care as of June 2026. The block sale thus represents a substantial reduction of TPG’s exposure through its special purpose vehicle, executed efficiently via the exchange’s screen-based block trade window. The deployment of a four-partner capital markets team from Cyril Amarchand Mangaldas, including two Senior Partners, reflects both the transaction’s complexity and its significance as a large secondary market exit.
The ₹4,700 crore block sale of Aster DM Quality Care shares by Centella Mauritius Holdings — advised by Cyril Amarchand Mangaldas — stands as a notable secondary market transaction in India’s healthcare sector. The deal was executed cleanly through the NSE and BSE block trade windows and was led by a senior four-partner team at CAM. Further details on the buyers and deal structuring were not disclosed.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
