Zydus Wellness raises Rs 650 cr through QIB route
Sep 29, 2020
Ahmedabad (Gujarat) [India], September 29 : FMCG major Zydus Wellness said on Tuesday it has raised Rs 649.97 crore by issuing equity shares to qualified institutional buyers (QIBs).
They are SBI Small Cap Fund, Aditya Birla Sun Life Trustee, SBI Large and Midcap Fund, ICICI Prudential Multicap Fund, HDFC Life Insurance and ICICI Prudential Smallcap Fund.
The qualified institutions placements opened on September 23 and closed on September 28, the company said in a statement.
The finance and administration committee of the company had approved the issue and allotment of 38.46 lakh equity shares to eligible QIBs at an issue price of Rs 1,690 per equity share including a premium of Rs 1,680 per equity share, aggregating to Rs 649.97 crore.
Last month, Zydus Wellness' board of directors had approved plans to raise up to Rs 1,099.98 crore through a combination of issuance of shares to its promoter Zydus Family Trust on a preferential basis and other options.
It gave approval to raise Rs 349.98 crore through issuance of 21.3 lakh shares at price of Rs 1,643.10 per share to Zydus Family Trust. Besides, the board also approved raising funds up to Rs 750 crore by issuing securities of the company.
