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Zydus Wellness Board Favors Fund Raising up to Rs 1100 Crores through Stock Market

By Rhea Banerjee      Sep 01, 2020      0 Comments      1,167 Views
Zydus Wellness Board Favors Fund Raising up to Rs 1100 Crores through Stock Market

One of our FMCG (Fast-moving Consumer Goods) firm - Zydus Wellness had a Board meeting last week and discussed plans with regard to raising funds of up to Rs. 1,099.98 crores. The board approved that the determined amount is to be raised through a combination of issuance of its equity shares to its promoter Zydus Family Trust on a preferential basis and other options available. 

In the regulatory filing, Zydus Wellness stated that the Board has permitted their plans of raising the stipulated amount through issuing, offering, and allotting equity shares on a preferential basis to the Zydus Family Trust. The Board has further specified that they have approved to raise Rs 349.98 crore by issuing 21,30,000 shares at an opening price of Rs 1,643,10 per share. As per the latest data of the prior quarter which ended on June 30, 2020, Zydus Family Trust held a 4.29 percent stake in the Zydus Wellness. 

The board also mentioned their other fund-raising methods amounting to Rs 750 crore by issuing the securities of the Company, which is inclusive of equity shares (or including any other similar instruments but not limited to compulsory convertible debentures, non-convertible debentures with warrants) by private placement or qualified institutions placements (QIP) to the qualified placement Buyers (QIB) or a blend of both thereof. 

Zydus Wellness said that the Board has stressed on conducting an extraordinary general meeting of the members of the Company on September 19, 2020, so as to seek further approval of the members with respect to the proposed fund-raising plans. The shares of Zydus Wellness were last trading 2.09 percent higher at Rs 1,757.55 on the Bombay Securities Exchange (BSE). The company offers various health-related brands such as Complan, Nutralite, Everyuth, and Sugar Free. 

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