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Zydus Wellness to raise Rs 2,575 crore via share sale

Zydus Wellness to raise Rs 2,575 crore via share sale

New Delhi: Zydus Wellness on Thursday said it is planning to raise Rs 2,574.99 crore through issue of shares on a preferential basis to fund the acquisition of Heinz India. The Zydus group firm’s board on Thursday approved issuing equity shares of face value of Rs 10 each on a preferential basis to Cadila Healthcare, True North, Pioneer Investment Fund and Zydus Family Trust, Zydus Wellness said in a filing to the BSE.

The board has also given its nod to raise the debt by issuing listed, secured, redeemable, non-convertible debentures on a private placement basis for an amount up to Rs 1,500 crore anytime within a year from the date of passing the special resolution, it added.

The company plans to issue 72,35,890 shares to True North for Rs 999.99 crore, 7,23,589 shares to Pioneer Investment Fund for 99.99 crores, 85,02,170 shares to Cadila Healthcare for Rs 1,174.99 crore and 21,70,767 shares to Zydus Family Trust for Rs 299.99 crore, Zydus Wellness said.

The fundraising is for funding the acquisition of the entire shareholding of Heinz India Pvt Ltd, it added. The issue price of equity shares to be issued to the investors is Rs 1,382, it added.

Also Read: Zydus Wellness Q4 net rises 22 per cent to Rs 36 crore

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Farhat Nasim

Farhat Nasim

Farhat Nasim joined Medical Dialogue as Reporter in 2017. She Covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She is a graduate of St.Xavier's College Ranchi. She can be contacted at Contact no. 011-43720751

Source: PTI
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