New Delhi: FMCG firm Zydus Wellness plans to raise up to Rs 1,500 crore through issuance of non-convertible debentures on a private placement basis.
The company said it will raise funds in three tranches.
“The fund raising committee…approved the specific terms of the issue of rated, secured, listed, redeemable, non-convertible debentures (NCDs) each having a face value of Rs 10 lakh of the aggregate nominal value up to Rs 1,500 crore,” the company said in a BSE filing.
In October 2018, Zydus Wellness had announced acquisition of Heinz India’s consumer wellness business, which includes popular brands like Complan and Glucon D.
Zydus Wellness and Cadila Healthcare jointly signed definitive pacts to acquire Heinz India for Rs 4,595 crore which includes net working capital of Rs 40 crore, cash of Rs 15 crore and assumes no debt.
Heinz India is a subsidiary of the US-based Kraft Heinz. Cadila Healthcare holds majority stake in Zydus Wellness.
The transaction is expected to close by the end of this financial year.
Source: Economic Times