Shilpa Medicare Sets Issue Price For Rs 500-Crore QIP

Shilpa Medicare Ltd. has opened its qualified institutional placement of equity shares on Monday and set the issue price at Rs 477.33 apiece.

The issue price indicates a 10% discount to Monday's closing price. It will close on Tuesday, according to the term sheet reviewed by NDTV Profit.

The QIP will result in equity dilution of 11.24% after the issue.

The board had approved the fundraising plan of up to Rs 500 crore in February, which received the shareholders' nod last month.

Shilpa Medicare is a Karnataka-based pharmaceutical company engaged in research and development, manufacturing and sale of oncology and non-oncology APIs (active pharmaceutical ingredient), finished formulations, biologicals, ODF, derma, peptides and polymers, among others.

Shares of the company closed 2.12% higher, ahead of the announcement, as compared with a 0.67% advance in the benchmark BSE Sensex.