Zydus Wellness To Raise Rs 2,575 Crore Through Share Sales
Zydus Wellness announced on 6th December 2018 that they are planning to raise Rs 2,575 crore by issuing its shares on a preferential basis to fund the acquisition of Heinz India.
According to an exchange filing, Zydus Wellness explained that they would be raising funds by allotting preference shares worth Rs 2,575 crore to Cadila Healthcare, True North Fund, Pioneer Investment Fund, and Zydus Family Trust.
The board is also looking to raise the debt by issuing redeemable, listed, and secured debentures on a private placement basis for an amount approximately to be at Rs 1,500 crore anytime within a year.
The company further plans to issue shares to True North, Pioneer Investment Fund, Cadila Healthcare, and Zydus Family Trust for Rs 999,99, 7,23,589, 99.99, and 85,02,170 crores respectively.
The fundraiser 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.
Shares of Zydus Wellness Thursday closed at Rs 1,238.05 per scrip on the BSE, up 1.08 percent from the previous close.
Zydus Wellness is engaged in the development, production, marketing and distribution of health and wellness products. The company's products include Sugar-Free, Nutralite, Everyuth and Actilife.
