Moopen Family Holds 41.88% Stake in Aster DM Healthcare

Bengaluru: Aster DM Healthcare has declared a special dividend of Rs. 118 per share for its shareholders following the conclusion of its India and GCC business separation on April 3, 2024. The special dividend, a result of the sale of the GCC business, will amount to approximately 80% of the $907.6 million consideration and will be paid by April 23, 2024. The company will retain Rs 1500 crore from the GCC business sale in its reserves.

The separation of its India and GCC businesses has been finalized, with Affinity Holdings Limited (a wholly-owned subsidiary) receiving $907.6 million in cash consideration.

The Moopen family maintains a 41.88% stake in the company. Dr Azad Moopen remains the Founder Chairman, Ms Alisha Moopen a board director, and Dr Nitish Shetty the Chief Executive Officer, focusing on India's business growth.

Dr. Azad Moopen stated, "The current Indian healthcare market looks promising, and our goal post-separation is to expand our presence dynamically. We're investing in people, innovation, and infrastructure to create long-term value. The dividend reflects our commitment to shareholders, prioritizing their interests for sustained value."

Dr. Nitish Shetty commented, "The last quarter showcased significant progress, demonstrating our execution strength. We aim to balance shareholder returns with future growth investments. The dividend plan rewards long-standing trust and investment."

With the Indian entity distinct from its GCC counterpart, the company plans to add 1700 beds by FY27 through organic and inorganic routes. The goal is to exceed 6600 beds in India over three years, scaling up labs and pharmacies to become a top 3 integrated healthcare provider. This plan includes projects like Aster Capital in Trivandrum and Aster MIMS Kasargod, along with additional bed capacity in existing hospitals.

The company eyes potential markets such as Maharashtra and Uttar Pradesh, allocating approximately 1000 crore for this expansion.