Bengaluru: Aster DM Healthcare Ltd has recieved the requisite majority of shareholder votes towards the separation of the GCC business from the Indian operations, the company said in a media release.
Voting on two resolutions proposed by the company closed on January 22.
The first resolution, approving the sale of the GCC business as a related party transaction, was approved by 99.86 per cent of the shareholders. Related parties were not eligible to vote for this transaction.
The second resolution, being the resolution for approving the sale, of a material subsidiary was approved by shareholders with a 99.96 per cent votes in favour of the resolution.
Dr Azad Moopen, Founder and Chairman, Aster DM Healthcare said, "The proposed transaction will now create two geographically focussed pure-play entities, each with its own capital allocation policy. The promoters remain committed to both the India and GCC entities and will continue to manage the business as earlier."
"The Indian healthcare market with a population of 1.4 billion to serve, is posed for rapid and sustainable growth in the next few years. With its aggressive growth plans, Aster DM Healthcare aims to be among the Top 3 integrated healthcare providers in India.”
The company plans to boost its India presence by adding 1500 beds in the next two to three years to take the total bed capacity to more than 6000 beds. At present, Aster operates in five states with a network comprising 19 hospitals, 13 clinics, 226 pharmacies, and 251 patient experience centers.
The closing of the transaction is subject to certain conditions, which are in advanced stages of completion.
Once completed, Aster aims to distribute 70 to 80 per cent of the upfront consideration of $903 million as a dividend to its shareholders, the press release added. The dividend is expected to be Rs 110 to Rs 120 per share (around Dh5 per share).