Hyderabad-based Suven Life Sciences has concluded its Rs 200-crore fund-raising exercise through the qualified institutional placement (QIP) process. The funds will be deployed to fund the company’s clinical development programme, capital expenditure and for general corporate purposes.
The company will, accordingly, issue 1,04,53,690 equity shares of face value Re 1 at a price of Rs 191.32, including a premium of Rs 190.32 per share. After the issue, promoter holding will be in excess of 59% against 64.76% on September 30, 2014.
“This is our public raise after 10 years since our preferential issue in 2004. One of the strategic objectives of this deal was to get the right set of long-term investors of high credibility and the willingness to back the long-term business plan of our company. We are now set to enter into a new and exciting phase of growth,” Venkat Jasti, chairman, Suven Life Sciences, said in a release. Anand Rathi Advisors acted as the sole global co-ordinator and book running lead manager for the QIP.