Indian private equity and venture capital firm True North is supporting health and wellness products producer Zydus Wellness‘ bid to purchase Heinz India, a unit of U.S. food company Kraft Heinz with a $140 million commitment.
The Zydus Wellness board has recommended issuing equity shares of face value of $0.14 each on a preferential basis to its parent firm Indian pharmaceutical company Cadila Healthcare, True North, Pioneer Investment Fund and Zydus Family Trust.
Zydus Wellness intends to issue 7.23 million shares to True North for $140 million, 723,000 shares to Pioneer Investment Fund for $14 million.
In addition, 8.5 million shares to Cadila Healthcare for $165 million and 2.17 million shares to Zydus Family Trust for $42 million. The issue price of equity shares to be issued to the backers is $19.37 a piece.