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Talwalkars Better Value Fitness Ltd has raised ₹107 crore through a Qualified Institutional Placement (QIP). The issue received bids from investors such as Capital International and Ascent Capital among others. The funds would be deployed for setting up new fitness centres, acquire existing gymnasia and gym chains, setting up leisure clubs, besides advertising and promotion. The company recently entered in the sports club segment in India and set up a 50:50 JV with David Lloyd Leisure Limited (UK). An investment of ₹500 crore has been planned over the next five years for developing 7-10 clubs across India. Centrum Capital Ltd was the Book Running Lead Manager to the issue.
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