Share of proceeds from GCC business sale
Kochi: The Board of Directors at Aster DM Healthcare, one of the largest integrated healthcare providers in India, has announced a Special dividend of Rs118/- per share on account of the receipt of proceeds from the sale of the GCC business, said a company statement.
The special dividend will be paid within 30 days from the date of the declaration i.e. April 23, 2024.
This will result in a significant distribution of over 80 per cent of the consideration of $907.6 million as dividend to its shareholders. Despite this large special dividend, the company will still retain over Rs1500 crore from the sale of GCC business in the reserves under its balance sheet, the statment said.
The Company had recently concluded the separation of its India and GCC businesses, pursuant to which Affinity Holdings Limited (a wholly subsidiary of the Company) received a cash consideration of $907.6 million.
The Moopen family continues to hold the 41.88 per cent stake in the listed entity. Dr. Azad Moopen, founder of the company, will remain the chairman and Alisha Moopen will remain a director on the board of the Company. The listed entity will be led by Dr. Nitish Shetty as Chief Executive Officer, who will focus on the growth of the India business, aimed at creating value for its shareholders.
“The current Indian healthcare market looks promising and post segregation now, our efforts will be to dynamically increase our footprint in India. We are making the right investments in our people, innovation and infrastructure to differentiate ourselves and create long-term value for all our stakeholders. The dividend to be paid is proof of our commitment to all shareholders. As the company progresses, it will continue to prioritise shareholder interests and make decisions in their best interest towards creating sustained long term value,” Dr Azad Moopan said
According to the statement, as the Indian entity is now separate from its GCC counterpart, the Company plans to add 1700 beds by FY27 through the organic route and will further look for expansion through the inorganic route as well. Through both greenfield and brownfield opportunities, the company aim to take its total bed tally in India to 6600+ in the next 3 years and scale up its labs and pharmacy business to emerge as the top 3 integrated healthcare providers in India.
Aster DM Healthcare is operating in India with presence across primary, secondary, tertiary, and quaternary healthcare through 19 hospitals, 13 clinics, 223 pharmacies (Operated by Alfaone Retail Pharmacies Private Limited under brand license from Aster), and 224 labs and patient experience centers across 5 States in India including Kerala.
