Suven Life sciences Limited has raised Rs 200 crore through Qualified Institutional Placement (QIP) process.
The company would issue 1,04,53,690 equity shares of face value of Rs 190.32 per share. Post issue, the promoter’s holding will be in excess of 59 per cent as against 64.76 per cent as on September 30, 2014.
Venkat Jasti, Chairman of Suven Life Sciences Limited, in a statement said, “This is our public raise after 10 years since our preferential issue during 2004. One of the objectives of the deal was to get the right set of long term investors of high credibility and the willingness to back the business plan of our company.”
The funds raised will be deployed to fund the clinical development programme, capital expenditure and for general corporate purposes.
Amit Rathi, Managing Director of Anand Rathi Advisors, said, “This sets up the company to catapult itself into the next exciting phase of growth.”
The transaction saw participation by some big investors. Anand Rathi Advisors Limited acted as the sole global co-ordinator and book running lead manager for the QIP issue.
Suven shares closed the day at Rs 219.85, up 5.42 per cent.