VLCC Health Care Ltd, which is set to come out with an initial share sale, has raised nearly Rs 37 crore by selling shares to a foreign entity.

As many as 6,27,804 equity shares have been issued for around Rs 37 crore to Bahamas-based Zall Holdings Ltd, according to a filing made by the company to the corporate affairs ministry.

A leading homegrown beauty and wellness company, VLCC will utilise the funds towards working capital requirement and for expanding its business .

The allotment was approved by the company’s shareholders during their meeting on September 27, as per the filing.

In August, the company filed the draft papers with markets watchdog Sebi. The IPO will comprise 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.