PNN
Mumbai (Maharashtra) [India], February 22: Veerhealthcare Limited (VEERHEALTH) (BSE: 511523), a leading provider of Ayurvedic, Herbal & Cosmetics healthcare and personal care products under the brand "Ayuveer,", announce its ambitious expansion plans with a proposed investment of Rs33 Crores. This investment encompasses various aspects including the acquisition of land, construction of buildings, procurement of plant and machinery, and development of essential infrastructure.
To facilitate this expansion, VeerHealth Care will be raising Rs8 Crores through bank borrowings. Additionally, the Board of Directors has approved a strategic move to issue new equity shares to further bolster financial resources.
VeerHealth Care will issue 99,99,238 new equity shares at Rs 25 per share including a premium of Rs 15/- per share. This right Issue is offered in the ratio of 1:2 i.e. one equity share is offered for every two shares held by existing shareholders including promoters in the Company.
This strategic initiative not only fortifies VeerHealth Care Limited's financial position but also underscores our commitment to maximizing value for our shareholders. The expansion project marks a significant milestone in our journey towards excellence in healthcare services.
Commenting on the performance, Bhavin Shah - Managing Director of Veerhealth Care Limited said, " We are thrilled to announce VeerHealth Care Limited's expansion project, marking a significant step forward in our journey of growth and progress. The decision underscores our commitment to enhancing our capabilities and offering even better healthcare solutions to our customers. By acquiring land, constructing new facilities, and investing in cutting-edge technology, we aim to further strengthen our position in the healthcare industry and better serve the needs of our community. We are confident that this expansion will not only benefit our company but also contribute positively to the healthcare ecosystem at large."
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