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.
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