Aster DM Healthcare Ltd

Encumbrance release details

• Target Company: Aster DM Quality Care Ltd.
• Disclosing Party: GLAS Trust (Singapore) Ltd; offshore security agent; not promoter.
• Transaction Type: Sale/disposal following release of encumbrance.
• Pre-Transaction Holding: 86,317,533 encumbered shares (9.90%).
• Shares Encumbered Released: 62,400,000 shares (7.16%).
• Post-Transaction Holding: 23,917,533 encumbered shares (2.74%).
• Date of Transaction: 19 August 2026; settlement 20 August 2026.
• Share Capital Context: Before/After 871,672,439; diluted 871,672,439.

Encumbrance and shareholding details

• Target: Aster DM Quality Care Limited (formerly Aster DM Healthcare Limited).
• Acquirer: Deutsche Bank AG, Singapore Branch; PAC: DBX Advisors LLC.
• Acquirer not in promoter/promoter group.
• Exchanges: BSE Limited and NSE.
• Pre-acquisition holding: 545 shares (0.00%); encumbrances NIL.
• Acquisition: encumbrance over 258,952,574 shares (29.71%), first ranking over 248,952,574.
• Post-acquisition: encumbranced shares 258,952,574; total 258,953,119 shares (29.71%).
• Mode: By way of encumbrance (pledge).
• Date of encumbrance: 19 August 2026.
• Equity share capital before/after: 871,672,439 shares of Rs 10 each (Rs 8,716,724,390).

Encumbrance creation on promoter shares

• Creation of encumbrance over 25,89,52,574 promoter shares (29.71% of total) by BCP Asia II Topco IV Pte. Ltd.
• Shares encumbered: 25,89,52,574 (29.71% of share capital); pledged 24,89,52,574 (28.56%).
• Type: pledge and related encumbrance under facility agreement; onshore and offshore security agents.
• End use: dividends and distributions to Borrower; refinancing of existing indebtedness.
• Creation date: August 19, 2026; Borrower is promoter of Aster DM Quality Care Ltd.
• Facility size: USD 750,000,000; secured against promoter shares.
• Post-encumbrance promoter holding: 25,89,52,574 shares, 29.71% of total share capital.
• Encumbrance covers 24,89,52,574 shares (28.56% of total share capital).

Key details

• Target: Aster DM Quality Care Limited (post-merger entity).
• Acquirer: GLAS Trust (Singapore) Ltd; PACs: none; promoter group: No.
• Listed on BSE and NSE.
• Pre-acquisition: Borrower held 4,651,992 Aster DM Healthcare Ltd shares (0.9%) and 83,588,067 Quality Care India Ltd shares (21.94%).
• Post-acquisition encumbrance: 86,317,533 shares, 9.90% of post-merger diluted capital.
• Mode: Allotment of 81,665,541 Target shares to Borrower; indirect encumbrance via borrower share charge.
• Date of allotment/intimation: 17 August 2026.
• Equity capital before: 518,121,029 shares; after: 871,672,439 shares (INR 10 each).

Transaction Details

• Target: Aster DM Quality Care Limited.
• Disclosing Party: Centella Mauritius Holdings Limited; not promoter group.
• Transaction Type: Disposal of 6,24,00,000 equity shares.
• Pre-Transaction Holding: 8,63,17,533 shares (9.90%); encumbrances 0 (0.00%).
• Post-Transaction Holding: 2,39,17,533 shares (2.74%).
• Shares sold: 6,24,00,000 (7.16% of paid-up capital).
• Date: August 19, 2026.
• Mode: Open market.
• Equity capital before: 87,16,72,439; after: 87,16,72,439.
• Total diluted capital after: 87,16,72,439.

Acquisition details

• Target: Aster DM Quality Care Limited (formerly Aster DM Healthcare Limited).
• Acquirer: Centella Mauritius Holdings Limited; no PACs listed.
• Acquirer is not part of promoter/promoter group.
• TC listed on BSE Limited and NSE.
• Pre-acq voting shares: 46,51,992 (0.90%).
• Encumbrances: 0; VRs: 0; Warrants: 0.
• Voting shares acquired: 8,16,65,541 (9.37%).
• Post-acq voting shares: 8,63,17,533 (9.90%).
• Mode: under amalgamation scheme; 8,16,65,541 shares allotted.
• Date of credit: August 17, 2026.
• Board approval for allotment: July 13, 2026.
• Equity share capital before: 51,81,21,029 shares.
• Equity share capital after: 87,16,72,439 shares. Face value INR 10.
• Salient: 977:1000 share exchange ratio under Scheme.

Encumbrance release details

• Target: Aster DM Quality Care Limited.
• Disclosing party: Catalyst Trusteeship Limited (onshore security agent; not promoter).
• Transaction: Release of encumbrance over 84,425,547 equity shares.
• Pre-transaction: 84,425,547 encumbered shares (9.7% of issued capital).
• Encumbrance released on 18 Aug 2026; mode: release of encumbrance (pledge).
• Post-transaction: Encumbrance Nil; no encumbered shares.
• Date of release: 18 August 2026.
• Capital context: before/after 871,672,439 equity shares; diluted capital 871,672,439.

Key details

• Target: Aster DM Quality Care Ltd; listed on BSE and NSE.
• Acquirer and PAC: Catalyst Trusteeship Limited for Centella Mauritius Holdings Limited.
• Promoter/promoter group: Not a promoter or promoter group.
• Pre-acquisition encumbrance: 4,651,992 shares (0.5%).
• Post-merger encumbrance: 84,425,547 shares (9.7%).
• Total encumbrance increased from 4,651,992 (0.5%) to 84,425,547 (9.7%).
• Acquisition mode: Creation of pledge.
• Date of acquisition/intimation: 17 August 2026.
• Equity share capital after acquisition: 871,672,439 shares of INR 10.
• Total diluted voting capital after acquisition: 871,672,439 shares.
• Salient features: Not applicable.

Financial Performance

• Combined Q1 FY27 revenue: INR 2,597 crores, up 20% YoY (proforma).
• EBITDA: INR 576 crores, up 30% YoY; margin 22.2%.
• Aster standalone Q1 FY27 revenue: INR 1,311 crores; EBITDA 277 crores; margin 21.1%.
• Normalised PAT up 39% YoY to ~INR 125 crores; merger costs INR 114 crores (one-time).
• RoCE improved to 22.6% from 20.7%.

Operating Update

• Mature units contribute 73% of revenue; EBITDA margins 30%.
• Focus units 15% of revenue; revenue up 16%; EBITDA margin +60 bps.
• Emerging segment revenue up 63% YoY; EBITDA up 240%; margins 12.4% (640 bps).
• Kasaragod facility breakeven in June 2026 after nine months of operation.
• Robotics volumes grew ~80% YoY; joint replacements +39%; transplants +19%.
• Care Hi-Tech earned JCI accreditation; ET Brand of the Year; NABH/Medical Dialogues recognitions.
• Platform served nearly 8 million patients in 12 months; 39 hospitals, 28 cities, 9 states; 7,400+ clinicians.
• 159-bed Aster Women & Children block commissioned at Whitefield in Apr 2026.

Balance Sheet and Cash Flow

• Combined net debt: INR 1,162 crores as of 30 Jun 2026.
• Aster net cash: INR 511 crores; Quality Care debt: INR 1,673 crores.

Capex and Expansion

• Bed addition target: 4,170 beds in 3-4 years; total beds >15,000; 53% brownfield.
• 159-bed Aster Women & Children block commissioned at Whitefield.
• Trivandrum hospital to operate H2 FY27; Hyderabad by Apr 2027; Sarjapur Phase I by H2 FY28.

Guidance and Outlook

• EBITDA margin target 24-25% in 2-3 years post-merger.
• Synergies to deliver 10-15% incremental EBITDA on FY24 pro forma EBITDA; starting this financial year.
• MVT growth >50%; target mid-single to double-digit contribution over time.
• Brand unification not decided; multiple brands may continue.

Q&A Highlights

• Synergy realization starts this year; target 10-15% incremental EBITDA.
• Maturity framework defines four categories: mature, focus, emerging, underperforming.
• Kerala performance strong; Kasaragod break-even in June 2026 after nine months.
• Trivandrum, Hyderabad, Sarjapur project timelines updated.
• Brand strategy not decided; plan to leverage market strengths.
• EBITDA margin target reaffirmed at 24-25% in 2-3 years post-merger.
• MVT growth agenda; share to mid-single digits then double-digit.