FMCG company Zydus Wellness informed that its board has approved plans to raise up to Rs 1,099.98 crore. It will be raised through a combination of issuance of preference shares to its promoter Zydus Family Trust and other funding options.
In a regulatory filing, Zydus Wellness said its board gave its approval “to issue, offer and allot equity shares on a preferential basis” to Zydus Family Trust. The board has accorded approval to raise Rs 349.98 crore through issuance of 21,30,000 shares at price of Rs 1,643.10 per share. It currency owns 4.29% stake in the company.
Further, the board has approved raising funds up to Rs 750 crore by issuing securities of the company, including equity shares (or equivalent instruments including compulsorily convertible debentures, non-convertible debentures) through a private placement or qualified institutions placement (QIP).
The company said as decided by the board, an extraordinary general meeting of the members of the company on September 19, 2020, will be held to discuss the proposed fund raising activities.
The Ahmedabad Gujarat based vanaspati and oil segment company offers brands such as Complan, Sugar Free and Nutralite.
As on August 27 11:39, the stock was trading at Rs 1,740 on the NSE.
