Shares of Aster DM Healthcare will be in focus in tomorrow’s trade (Monday, April 15) as the company has announced a special dividend of Rs 118 per share for its shareholders. This decision comes after the company had initially indicated a range of Rs 110-120 per share, positioning the special dividend at the higher end of the spectrum.
The record date for this special dividend has been set for April 23rd, with the dividend expected to be disbursed within 30 days of the record date. Notably, the board has decided against declaring an interim dividend for the fiscal year 2023-24, with the possibility of a final dividend being considered at the Q4 board meeting for the same financial year.
The special dividend, stemming from the proceeds of the sale of the Gulf Cooperation Council (GCC) business and the redemption of redeemable preference shares issued by Affinity Holdings Pvt Ltd, a wholly-owned subsidiary of Aster DM Healthcare, marks a significant move by the company.
The sale of the GCC business, which brought in $907.8 million (Rs 7588 crore) for Aster DM Healthcare, has been a pivotal development for the company. This sale was part of a strategic move to separate the India and GCC businesses, aiming to unlock long-term value by operating as two distinct entities.
