Poly Medicure launches QIP to raise Rs 1,000 crore: CNBC-TV18

Shares of Poly Medicure are up for grabs within an indicative price range of Rs 1,850 to Rs 1,880 apiece in the QIP, implying a discount of about 11.6 percent from the stock's closing price.

Moneycontrol News

August 20, 2024 / 08:05 IST

Poly Medicure shares are up nearly 43 percent year-to-date.

Poly Medicure has launched a Qualified Institutional Placement (QIP) to raise Rs 1,000 crore, CNBC-TV18 reported citing sources. As per the report, the QIP is expected to lead to a 5.54 percent equity dilution for the company as compared to the pre-issue outstanding capital.

The shares are also up for grabs within an indicative price range of Rs 1,850 to Rs 1,880 apiece, implying a discount of about 11.6 percent from the stock's closing price.

In addition, the funds raised through this QIP will be deployed towards multiple purposes. Poly Medicure intends to use the proceeds for capital expenditure to establish new manufacturing facilities, pursue inorganic growth opportunities, and cover general corporate purposes, the CNBC-TV18 report stated.

Additionally, the QIP also includes a 90-day promoter lock-up period after the issue's closing date. IIFL Securities Limited and SBI Capital Markets Ltd are serving as the Book Running Lead Managers for this QIP, facilitating the entire process, the report mentioned.

On August 19, shares of Poly Medicure settled nearly 9 percent higher at Rs 2,126.25 on the NSE.