Zydus Wellness to Raise a Sum of Rs.2,574.99 Crore Via Share Sale to Fund Heinz India Acquisition

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Zydus Wellness recently announced that it is planning to raise a sum of Rs.2,574.99 crore through the issuance of shares on a preferential basis in order to raise funds for the acquisition of Heinz India’s. The board members of the Zydus Group firm approved the issuance of equity shares with a face value of Rs.10 apiece on a preferential basis to True North, Cadila Healthcare, Zydus Family Trust, and Pioneer Investment Fund.

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Zydus Wellness says it plans to raise Rs.2,574.99 crore by issuing shares on a preferential basis.

The board members have also given approval to raise debt by issuing secured, listed, non-convertible, redeemable debentures on a private placement basis for a sum of up to Rs.1,500 crore at any time within 1 year from when the special resolution was passed.

The company has said that it intends to issue a total of 72,35,890 shares for Rs.999.99 crore to True North, 85,02,170 shares for Rs.1,174.99 crore to Cadila Healthcare, 7,23,589 shares for Rs.99.99 crore to Pioneer Investment Fund, and 21,70,767 shares for Rs.299.99 crore to Zydus Family Trust.

The company added that it is raising funds to finance the acquisition of the complete shareholding of Heinz India.

The issue price for the equity shares that are to be issued to the company’s investors has been fixed at Rs.1,382.

Sources: The Times of India, India Infoline

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