Aster DM Healthcare shares gain over 9% to hit 52-week high ahead of board meet on dividend
Upstox
2 min read • Updated: April 8, 2024, 5:26 PM
Summary
Aster DM Healthcare announced that its Board of Directors will meet on Friday, April 12, to discuss the proposal for declaration of both interim and special dividends.
Aster DM Healthcare shares rallied more than 9% to hit a fresh 52-week high of ₹500 apiece on the NSE on Monday ahead of the company’s board meeting to consider dividend declaration.
The gain in the stock price was seen after Aster DM Healthcare Limited announced that its Board is scheduled to meet on Friday, April 12, to consider the proposal for declaration of both interim and special dividends.
In a stock exchange filing, the company said that the agenda for the board meeting would be to discuss the declaration of an interim dividend for the financial year 2023-24. Additionally, the bard will discuss the declaration of a special dividend, on account of segregation of the GCC business.
This segregation arises from the sale executed by Affinity Holdings Pvt Ltd, a wholly-owned material subsidiary of the company, transferring entities engaged in GCC region operations to Alpha GCC Holdings Limited.
In the filing, Aster DM Healthcare added that consequently, interim dividend for FY 2023-24 and special dividend, if declared, will be disbursed to the company’s equity shareholders. The eligibility for receiving these dividends extends to shareholders whose names are listed in the Register of Members of the company or in the records of the depositories as beneficial owners of shares by April 23, 2024, which is the record date fixed for the purpose.
On April 3, Aster DM Healthcare Limited announced the completion of the separation of its India and GCC businesses. As part of this separation, a consortium of investors led by Fajr Capital, a sovereign-backed private equity firm, has acquired a controlling 65% stake in Aster GCC.
Meanwhile, the Moopen family, along with management and operational rights, retained a significant 35% stake in Aster GCC. In the Indian operations, the Moopen family maintains ownership of a 41.88% stake. The transaction has reached its conclusion, resulting in Affinity Holdings Limited, a wholly-owned subsidiary of the company, receiving a cash consideration of $907.6 million.
Shares of Aster DM Healthcare closed 6.18% higher at ₹485 apiece on the NSE.