Shilpa Medicare Ltd has successfully raised Rs 500 crore through a Qualified Institutional Placement (QIP), the Active Pharmaceutical Ingredients (API) manufacturer said in a filing on April 13.
The company's board approved the allotment of 1.09 crore equity shares with a face value of Re 1 each to eligible institutional buyers. The issue price for the QIP was fixed at Rs 455 per share, representing a 4.68 percent discount to the floor price of Rs 477.33 per share.
Institutions such as ICICI Prudential, Bandhan Mutual Fund, and insurance companies like SBI Life, participated in the QIP.
Also Read | Shilpa Medicare board approves QIP at floor price of Rs 477.33 per share
Shilpa Medicare initiated the fundraising process by offering shares to eligible institutional investors on April 8. However, the company has not disclosed its plans for utilising the proceeds from the QIP.
As of December 31, promoters of Shilpa Medicare held a 50 percent stake in the company.
On April 12, shares of Shilpa Medicare declined by 1 percent, closing at Rs 506. Over the past 12 months, the stock has doubled in value.
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