Promoters of Aster DM Healthcare Ltd. have reduced their share pledge from 99% to 41%, according to a statement.
This was done after completing a debt refinancing transaction from top-tier global financial institutions.
According to the statement, it was due to the fresh funding provided by JP Morgan, HSBC, and Barclays that the promoters of the private hospital network could refinance the existing loans at better terms as well as loan-to-value.
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According to Azad Moopen, founder and chairman of Aster DM Healthcare, "The reduction in Aster's pledged shares is a significant testament to our financial strength as promoters, especially in light of the volatile global market conditions."
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He added that it "reflects the strong confidence we have in our company's growth trajectory, operational excellence, and strategic direction."
Moopen asserted that the milestone reinforces trust among the hospital chain's stakeholders, investors, and partners as the company continues to expand its footprint across India.
Shares of Aster DM Healthcare Ltd. closed 0.33% lower at Rs 432.55 apiece on the BSE, compared to a 0.10% decline in the benchmark Sensex.
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