VLCC files IPO papers with Sebi

VLCC Health Care Ltd, one of the largest homegrown beauty and wellness companies in India, has filed preliminary papers with markets regulator Sebi to raise funds through an initial share-sale.

The initial public offer (IPO) comprises fresh issuance of equity shares worth Rs 300 crore and an offer-for-sale (OFS) of 89.22 lakh equity shares by promoter and existing shareholders, according to draft red herring prospectus. The OFS comprises 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.

At present, Vandana Luthra and Mukesh Luthra hold 44.35 per cent and 24.37 per cent stake, respectively in the company , Leon International owns 13.65 per cent stake and OIH Mauritius has 5.04 per cent holding in the firm.

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.

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