Suven Life Sciences rallies over 2% as it raises Rs 200 crore via QIP

NEW DELHI: Suven Life Sciences Ltd rallied as much as 2.5 per cent in trade on Thursday, after the pharmaceuticals firm said that it has raised Rs 200 crore through Qualified Institutional Placement (QIP) route to fund its clinical development programme and capital expenditure.

At 09:50 a.m.; Suven Life Sciences was trading 1.8 per cent higher at Rs 223.95. It hit a low of Rs 221.75 and a high of Rs 225.50 in trade today.

The offering was for 1,04,53,690 equity shares of face value of Rs 1 per equity share at a price of Rs 191.32 per share, said a PTI report.

Post issue the promoters holding will be over 59 per cent as against 64.76 per cent on September 30, 2014.

In a BSE filing, Suven Life Sciences said, "It has concluded its Rs 200 crore fund raising exercise through the Qualified Institutional Placement (QIP) process."

The funds raised will be effectively deployed to fund the clinical development programme, capital expenditure and for general corporate purposes, it added.