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VLCC Health Care receives SEBI’s approval for Rs 400 crore IPO

05 Jan 2016 Evaluate

VLCC Health Care has received approval from capital markets regulator Securities and Exchange Board of India (SEBI) to raise at least Rs 400 crore through initial public offer (IPO) to fund its expansion in domestic as well as international markets.

The IPO will comprise fresh issue of shares worth Rs 400 crore and an offer for sale of up to 37.67 lakh equity shares by the existing shareholders - Indivision India Partners and Leon International. The company is planning to sell up to 18 lakh equity shares for Rs 100 crore through a pre-IPO placement of its shares to the institutional investors.

The will use the issue proceed for setting up VLCC Wellness Centres in India and abroad. Besides, the firm plans to establish VLCC Institutes in the country. In addition, funds will also be used for payment of loans, brand development and general corporate purpose, among others.

ICICI Securities, Citigroup Global Markets India and Axis Capital are the merchant bankers for the proposed IPO. The shares are proposed to be listed on BSE and NSE.

Founded by Vandana Luthra in 1989, the company has operations in India, Sri Lanka, Bangladesh, Nepal, Malaysia, Singapore, the UAE, Oman, Bahrain, Qatar, Kuwait, Saudi Arabia and Kenya.

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