The beauty and healthcare company, VLCC has raised INR 37 crore by selling shares to a foreign firm.
The company stated to the corporate affairs ministry that around 6,27,804 equity shares have been issued to Zall Holding Ltd., a Bahamas-based company for approx. INR 37 crore.
VLCC, a leading cosmetic and healthcare company will use the new funds on improving monetary requirement and for enhancing its business and its subsidiaries globally.
During the meeting which was held on September 27, the company’s shareholder approved the allotment, according to company.
The company also filed the draft papers with watchdog of the capital markets, SEBI (Securities and Exchange Board of India) for raising funds through an IPO (Initial Public Offerings).
The IPO will constitute freshly released equity shares of INR 300 crore and OFS (Offer For Sale) of equity shares worth INR 89.22 lakh through promoter and existing shareholders
The OFS already constitutes sale of around INR 52.42 lakh equity shares by Leon International, INR 18.83 lakh equity shares by Mukesh Luthra and INR 18.97 lakh equity shares by OIH Mauritius Ltd.
Funds raised through the fresh issuance of shares will be used for setting up VLCC Wellness Clinics in India as well as Gulf Cooperation Council (GCC) region, and VLCC Institutes in India.
The company will launch VLCC Healthcare Clinics in India and GCC (Gulf Cooperation Council) region by utilizing those funds which was raised through the fresh issuance of shares. The company is also planning to set-up VLCC institutes in India.
Vandana Luthra, founder of VLCC shared her experience and difficulties of starting a new venture, “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”.
