Leading hospital chain Aster DM Healthcare Ltd on Tuesday said it will separate its mainstay Gulf business and sell it to its Indian promoters (Moopen family) and a Dubai consortium for $1.001 billion, in a move it said will unlock shareholder value and attract more institutional investors.
A consortium led by UAE government-backed Fajr Capital will own 65% of the Gulf entity, while Azad Moopen, promoter of Aster, will own 35%, once the transaction is concluded.
Aster's business in the GCC (Gulf Cooperation Council) countries is housed under Alpha GCC Holdings Ltd, a wholly owned material subsidiary of Aster DM Healthcare.
The current market cap of the combined India and GCC business stands at $2 billion. The transaction values the GCC business at an enterprise value of $1.7 billion (₹13,540 crore) and an equity value of $1.001 billion (₹8,215 crore), the company said. The deal will help erase Gulf company's debt.
This story is from the November 29, 2023 edition of Hindustan Times.
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This story is from the November 29, 2023 edition of Hindustan Times.
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