Orchid Pharma has raised ₹400 crore through a qualified institutional placement (QIP) of its equity shares. Massachusetts Institute of Technology, Quant Mutual Fund and Societe Generale are some of the investors who were allotted shares in the QIP issue. 

In a late night regulatory filing, the Chennai-based pharmaceutical company said its board on Tuesday approved the issue and allotment of 99 lakh equity shares of face value ₹10 each to qualified institutional buyers at an issue price of ₹403.93 per equity share (including a premium of ₹393.93 per equity share). The issue price is at a discount of ₹21.26 or 5 per cent on the floor price of ₹425.19 per equity share. 

Post-allotment, the paid-up equity share capital of the company stands increased to ₹50.72 crore, against ₹40.81 crore earlier.  

Of the total issue, the list of allottees with more than 5 per cent allotment include Massachusetts Institute of Technology, which was allotted 23.5 lakh shares (23.75 per cent of the issue size), Quant Mutual Fund (19.31-lakh shares) through two of its schemes, Carnelian Structural Shift Fund and 238 Plan Associates LLC were allotted 6.18 lakh shares each, and Societe Generale (5.94-lakh shares). 

Last Thursday, Orchid Pharma announced the launch of its QIP with a floor rice of ₹425.19 per share. The shares had the company locked in 5 per cent upper circuit on Friday and Monday, besides touching a new 52-week high of ₹493.50 on NSE. 

On Tuesday,  Orchid Pharma shares closed at 495.10, 1.60 per cent higher than Monday’s closing price. 

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