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

Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.

If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.

You can subscribe to our news posts by entering your email in the box on the right side of this page.

Check out our YouTube channel for insightful content from the Indian startup ecosystem.

Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.

The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.

Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.

For publishing an advertorial article about your company on our website, drop an email at taniya@startuplanes.com