Sudarshan Pharma Approves To Raise Rs 1,500 Crore Via Equity Issue
The funds will be raised in one or more tranches, Sudarshan Pharma said in a regulatory filing.
The board of Sudarshan Pharma Industries Ltd. on Thursday approved to raise Rs 1,500 crore by the issuance of equity shares through the means of public issue, qualified institutions placement or private placement at a face value of Rs 1 each.
The funds will be raised in one or more tranches, subject to the approval from the required stakeholders of the company, according to the exchange filing on Thursday.
Incorporated in 2008, Sudarshan Pharma Industries Pvt. is a chemical and pharmaceutical company. The promoters of the company— Hemal V Mehta and Sachin V Mehta have a combined experience of over 25 years in the special chemical, bulk drug and pharmaceutical industry.
Shares of Sudarshan Pharma Industries closed 0.39% higher at Rs 1,247.20 apiece on the National Stock Exchange, compared to a 0.08% fall in the benchmark Nifty. The stock has risen 43.79% in the last 12 months and 9.04% on a year-to-date basis.
Out of the seven analysts tracking the company, five have a 'buy' rating on the stock and two recommends 'hold', according to Bloomberg data. The average of 12-month analysts' price target implies a potential downside of 17.3%.
