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Zydus Wellness gains on plans to raise funds

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rose 0.84% to Rs 1248.50 at 10:43 IST on BSE after the company said it is planning to raise Rs 2,574.99 crore through issue of shares on a preferential basis.

The announcement was made after market hours yesterday, 6 December 2018.

Meanwhile, the was up 209.92 points, or 0.59% to 35,522.05.

On the BSE, 520 shares were traded in the counter so far compared with average daily volumes of 3620 shares in the past two weeks. The stock had hit a high of Rs 1265.70 and a low of Rs 1241.25 so far during the day. The stock hit a 52-week high of Rs 1,830 on 3 September 2018. The stock hit a 52-week low of Rs 918.10 on 14 December 2017.

said it is planning to raise Rs 2,574.99 crore through issue of shares on a preferential basis. The firm's board approved issuing equity shares of face value of Rs 10 each on a preferential basis to Cadila Healthcare, True North, and Zydus Family Trust, said in a filing to the BSE.

The board has also given its nod to raise debt by issuing listed, secured, redeemable, non-convertible debentures on a private placement basis for an amount up to Rs 1,500 crore anytime within a year from the date of passing the special resolution, it added.

The company plans to issue 72,35,890 shares to for Rs 999.99 crore, 7,23,589 shares to for 99.99 crore, 85,02,170 shares to for Rs 1,174.99 crore and 21,70,767 shares to for Rs 299.99 crore, Zydus Wellness said.

On a consolidated basis, net profit of Zydus Wellness rose 14.19% to Rs 42.16 crore on 11.87% rise in net sales to Rs 138.21 crore in Q2 September 2018 over Q2 September 2017.

Zydus Wellness is engaged in the development, production, marketing and distribution of health and The company's products include Sugar Free, Nutralite, and

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 07 2018. 10:45 IST