VLCC, a wellness and beauty company recently raised INR 37 Crore by selling shares to an international company, Zall Holdings Limited. The capital will be infused for business growth and for the development of VLCC clinics, institutes and centers across the country.
VLCC Healthcare Limited, an India based beauty and skincare company founded by Vandana Luthra recently raised INR 37 Crore by sharing a part of its share to a foreign entity. As per the filings with the Ministry of Corporate Affairs, 6,27,804 equity shares of the beauty and skincare brand have been sold to Zall Holdings Limited, a Bahamas based company. Reportedly, due approval was taken from the company’s shareholders in a meeting held on September 27th.
The recent selling of shares and consequent fundraising is following VLCC’s Initial Public Offering (IPO) plan. The capital raised by the wellness brand is envisioned to be channeled on working capital necessities, along with business growth for its subsidiaries.
The beauty and healthcare platform, in August this year, made an attempt to commence an IPO for fund raising. Consequently, VLCC tendered relevant drafts to the Securities and Exchange Board of India. Initially, worth INR 300Crore of equity shares will be issued as a part of VLCC’s opening share sale. In addition to that, it will also include, Offer For Sale (OFS) of 89.22 lakh equity shares by promoter as well as prevailing shareholders. The Offer For Sale includes around INR 18.83 lakh equity shares by Mukesh Luthra, a promoter, 52.42 lakh by Leon International and about INR 18.97 lakh equity shares by OIH Mauritius Ltd.
It is reported that the capital raised by issuance of equity shares will be employed to set-up and establish VLCC Wellness Clinics, VLCC Institutes in India and Gulf Cooperation Council. It will further be utilized to enhance brand growth, digital transformation, information technology renovation, for settling debts and other infrastructural requirements.