Poly Medicure has initiated a Qualified Institutional Placement (QIP) aiming to raise Rs 1,000 crore, according to sources cited by CNBC-TV18. The QIP is expected to result in an equity dilution of approximately 5.54 percent, relative to the company’s pre-issue outstanding capital.
The shares would be issued at a price range of Rs 1,850 to Rs 1,880 per equity share, thus at an 11.6 percent discount to the last closing price. Funds mobilized through this QIP would be deployed as capital expenditure towards setting up new manufacturing facilities, pursuing inorganic growth opportunities, general corporate expenses, among others.
QIP would have a 90-day promoter lock-in from the date of closure of the issue. IIFL Securities Limited and SBI Capital Markets Ltd are the process managers. On August 19, Poly Medicure shares closed nearly 9 percent higher at Rs 2,126.25 on the NSE.
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Source: Moneycontrol
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