VLCC aims to utilise the funds for adequate capital requirements and elongate its business and subsidiaries as an outstanding domestic beauty and wellness company.
VLCC Health Care Limited, which is set to launch an initial share sale, has accumulated nearly Rs 37 crore by trading shares to a foreign entity.
As many as 6,27,804 equity shares have been issued for around Rs 37 crore to Bahamas-based Zall Holdings Ltd, as per a filing made by the company to the corporate affairs ministry.
As per the filing, the company's shareholders sanctioned the allotment during their meeting on September 27.
In August, the company filed the draft papers with market watchdog Sebi for allocating funds through an Initial Public Offering (IPO).
The IPO will involve new equity shares worth Rs 300 crore and an Offer For Sale (OFS) of 89.22 lakh equity shares by the promoter and subsisting shareholders.
The OFS covers up to 18.83 lakh equity shares by promoter Mukesh Luthra, 18.97 lakh equity shares by OIH Mauritius Ltd, and 52.42 lakh equity shares by Leon International.
Funds accumulated through the fresh issuance of shares will set up VLCC Wellness Clinics in India, Gulf Cooperation Council (GCC) region, and VLCC Institutes in India. Additionally, the proceeds would be appropriated to refurbish particular VLCC Wellness Clinics in India and the GCC region, brand development, digital and information technology infrastructure, and debt payment.
-As per Press Trust of India