The pharmaceutical firm allotted 1,04,53,690 equity shares at a price of Rs 191.32 per share to qualified institutional investors
Mid-size drug maker Suven Life Sciences Limited has raised Rs 200 crore (approximately $32 million) through qualified institutional placement (QIP) route to fund its clinical development programme and capital expenditure, according to a VCCircle report.
The report stated that the pharmaceutical firm allotted 1,04,53,690 equity shares at a price of Rs 191.32 per share to qualified institutional investors which resulted in the decrease of stake holding of promoters to 59 percent as against 64.76 per cent on September 30, 2014.
“This is our public raise after 10 years since our preferential issue during 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,” Venkat Jasti, chairman, Suven Life Sciences Limited told VCCircle.
Suven Life Sciences is in the business of design, manufacture and supply of Bulk Actives, Drug Intermediates and Fine Chemicals catering to the needs of global Life Science Industry.
Amit Rathi, MD, Anand Rathi Advisors, told VCCircle, “The response to this transaction, including the pedigree of investors, has been fantastic. This sets up the company to catapult itself into the next exciting phase of growth.”