Poly Medicure has initiated a Qualified Institutional Placement (QIP) aiming to raise ₹1,000 crore, according to CNBC-TV18. This move is set to result in a 5.54% equity dilution based on the company’s pre-issue outstanding capital.
Key Details of the QIP
- Price Range: The shares are being offered within the indicative price range of ₹1,850 to ₹1,880 each. This price range represents a discount of approximately 11.6% from the stock’s closing price.
- Equity Dilution: The QIP is expected to dilute the company’s equity by 5.54%.
- Lock-Up Period: There will be a 90-day lock-up period for promoters following the issue’s closing date.
Utilization of Proceeds
The funds raised through the QIP will be allocated as follows:
- Capital Expenditure: Establishing new manufacturing facilities.
- Inorganic Growth: Pursuing acquisition opportunities.
- General Corporate Purposes: Covering other business needs.
Management and Pricing
- Lead Managers: IIFL Securities Limited and SBI Capital Markets Ltd are the Book Running Lead Managers overseeing the QIP.
- Share Performance: On August 19, Poly Medicure’s shares closed nearly 9% higher at ₹2,126.25 on the NSE.
