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VLCC Health Care raises Rs 37 Cr from foreign entity

 VLCC Health Care Limited announced that it has raised close to Rs 37 crore by selling 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 firm to the corporate affairs ministry.

The beauty and wellness company plans to use the freshly raised funds for financing working capital requirements and for increasing its business as well as that of its subsidiaries.

The allotment was approved by the company’s shareholders during their meeting on September 27, as per the filing.

In August, the company filed the draft papers with market regulator Sebi for raising funds via an Initial Public Offering (IPO).

The IPO will include fresh issuance of equity shares worth Rs 300 crore and an Offer For Sale (OFS) of 89.22 lakh equity shares by promoters and existing shareholders.

The OFS includes a sale of up to 18.83 lakh equity shares by promoter Mukesh Luthra, up to 18.97 lakh equity shares by OIH Mauritius Ltd, and 52.42 lakh equity shares by Leon International.

The net proceeds from the issue will be used for establishing VLCC Wellness Clinics in India as well as Gulf Cooperation Council (GCC) region, and VLCC Institutes in India.

The proceeds would also be used for refurbishment of certain existing VLCC Wellness Clinics in India and GCC region, brand development, investment in digital and information technology infrastructure, and payment of debt.

Founder Vandana Luthra said, “When I started, there were hardly any women entrepreneurs. It was a male-dominated environment. I had to face a lot of criticism, a lot of people tried to ensure that I did not succeed and grow. The only thing I believed in was that my concept was unique, unusual, and it was being introduced in India for the first time.”

VLCC has emerged as a leading brand in the beauty and wellness segment in India. I believe with the latest developments, the company will continue to reach new heights of success. My best wishes to the team of VLCC.

Shishir Gupta, Founder and CEO, StartupLanes

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