Suven Life raises Rs 200 cr via QIP
04/12/2014 18:13
Pharma major, Suven Life Sciences said that it has raised Rs 200 crore through Qualified Institutional Placement (QIP) route to fund its clinical development programme and capital expenditure. "It has concluded its Rs 200 crore fund raising exercise through the Qualified Institutional Placement (QIP) process," the company said in a filing to the Bombay Stock Exchange. The offering was for 1,04,53,690 equity shares of face value of Rs 1 per equity share at a price of Rs 191.32 per share. Post issue the promoters holding will be over 59 per cent as against 64.76 per cent on September 30, 2014. Commenting on the development, Suven Life Sciences Chairman Venkat Jasti said, “One of the strategic objectives of this deal was to get the right set of long-term investors of high credibility and the willingness to back the long-term business plan of our company." Meanwhile, shares of the company closed trading at Rs 227.60 a piece, up 3.53 per cent from the previous close on BSE.
04/12/2014 18:13
Pharma major, Suven Life Sciences said that it has raised Rs 200 crore through Qualified Institutional Placement (QIP) route to fund its clinical development programme and capital expenditure. "It has concluded its Rs 200 crore fund raising exercise through the Qualified Institutional Placement (QIP) process," the company said in a filing to the Bombay Stock Exchange. The offering was for 1,04,53,690 equity shares of face value of Rs 1 per equity share at a price of Rs 191.32 per share. Post issue the promoters holding will be over 59 per cent as against 64.76 per cent on September 30, 2014. Commenting on the development, Suven Life Sciences Chairman Venkat Jasti said, “One of the strategic objectives of this deal was to get the right set of long-term investors of high credibility and the willingness to back the long-term business plan of our company." Meanwhile, shares of the company closed trading at Rs 227.60 a piece, up 3.53 per cent from the previous close on BSE.
