PNN
Surat (Gujarat) [India], December 25: Zota Health Care Limited (NSE: ZOTA), a leading generics pharmacy retailer in India, has raised Rs 350 crores from a group of marquee investors through a Qualified Institutional Placement (QIP) issue and signed former Indian cricket captain Mahendra Singh Dhoni and Bollywood actor Suniel Shetty as its brand ambassadors.
The Surat-headquartered company allotted 22,80,130 shares to eligible Qualified Institutional Buyers (QIBs), including foreign portfolio investors, alternative investment funds, and mutual funds, at an issue price of Rs. 1,535 per share. Investors who participated in the issue include Valiant Partners, 360 ONE, Prashant Jain-led 3P Investment Managers, White Oak Capital, Sanshi Fund-I and Turnaround Opportunities Fund, among others.
Commenting on the successful fundraiser, Ketan Zota, Chairman of Zota Health Care Limited, said the continued support from institutional investors reflected confidence in the company's long-term strategy and business model.
"We are grateful for the trust and support shown by our investors. It is particularly encouraging to see several existing investors participate in the QIP, reaffirming their belief in our vision and growth plans," he said.
The proceeds from the QIP will be used primarily to accelerate the nationwide expansion of generic pharmacy stores. Zota Health Care aims to open more than 5,000 generic pharmacy stores across India by March 2029, supported by the fresh capital and cash flows from its mature store network.
"As of now, we operate 1,373 Company-Owned Company-Operated (COCO) stores and 880 Franchisee-Owned Franchisee-Operated (FOFO) stores across the country. In addition, around 400 COCO stores are at various stages of development," Mr. Zota said.
Zota Health Care has witnessed steady improvement in per-store revenues, driven by increasing consumer awareness and growing demand for affordable medicines. The company focuses on offering quality generic medicines at significantly lower prices compared to branded alternatives, making essential medicines more accessible to a wider population.
Website - https://www.zotahealthcare.com/
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