Shares in hospitality chain Aster DM Healthcare on Monday zoomed over 7.50 per cent after the company’s board approved a dividend of Rs 118 per share on account of the receipt of proceeds from the sale of the GCC business and the redemption of redeemable preference shares issued to the company by Affinity Holdings Pvt Ltd, a wholly-owned material subsidiary.
The stock climbed 7.13 per cent to settle at Rs 522.75 apiece on the BSE. During the day, it zoomed 14.41 per cent to Rs 558.30 — its 52-week high. On the NSE, the stock jumped 7.53 per cent to Rs 525.
In volume terms, 12.97 lakh shares of the company were traded on the BSE and over 227.17 lakh shares on the NSE during the day. While the market capitalisation stood at Rs 26,112.05 crore on the BSE, it was Rs 26,224.44 crore on NSE.
The special dividend will be paid to the shareholders by April 23, 2024, the company said in a statement. Despite this large pay out, the company will still retain Rs 1,500 crore from the sale of GCC business, it added.
Aster DM Healthcare, founded by Dr Azad Moopen, recently concluded the separation of its India and GCC businesses, pursuant to which Affinity Holdings, received a cash consideration of $907.6 million.
(With PIT inputs)