Zydus Wellness raises Rs 650 crore through issuance of shares to QIBs

FMCG firm Zydus Wellness on Tuesday said it has raised Rs 649.97 crore through issuance of equity shares to qualified institutional buyers (QIBs).

The qualified institutions placements (QIP) opened on September 23 and closed on September 28.

The finance and administration committee of the company has approved the issue and allotment of 38,46,000 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, Zydus Wellness said in a regulatory filing.

In August this year, Zydus Wellness'' board 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.

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It gave its approval to raise Rs 349.98 crore through issuance of 21,30,000 shares at price of Rs 1,643.10 per share to Zydus Family Trust.

Further, the board has also approved raising funds up to Rs 750 crore by issuing securities of the company, including equity shares (or equivalent instruments including but not limited to compulsorily convertible debentures, non-convertible debentures with warrants) through a private placement or QIPs to QIBs or a combination thereof.

Zydus Wellness offers brands such as Complan, Sugar Free, Nutralite and Everyuth.

Shares of Zydus Wellness were trading 0.42 percent lower at Rs 1,831,95 apiece on BSE.