Orchid Pharma raises ₹400-crore in QIP issue

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Orchid Pharma It raised ₹400 crore through Qualified Institutional Placement (QIP) of its shares. MIT, Quant Mutual Fund, and Societe Generale are some of the investors allocated shares in the QIP issuance.

In a late-night regulatory filing, the Chennai-based pharmaceutical company said its board of directors on Tuesday approved the issuance and allotment of 99,000 shares of stock with a par value of ₹10 each to eligible institutional buyers at an issue price of €403.93 per share ( Including) a premium of INR 393.93 per equity share). The issue price is at a discount of €21.26 or 5 percent to the basic price of €425.19 per share of stock.

After allotment, the company’s paid-up capital increased to Rs. 50.72 crore, as against Rs. 40.81 crore earlier.

Of the total issuance, the list of allotments above 5 per cent allotments includes MIT, to which 23.5 lakh shares have been allocated (23.75 per cent of the issuance volume), Quantitative Mutual Fund (19.31 shares) through two of whose schemes have been allocated, Fund Carnelian Structural Shift and 238 Plan Associates LLC each have 6.18-lakh shares, and Societe Generale (5.94-lakh shares).

Last Thursday, Orchid Pharma announced the launch of its QIP with ground rice valued at $425.19 per share. Shares had closed the company in an upper 5 per cent circle on Friday and Monday, along with touching a fresh 52-week high of INR493.50 on the NSE..

On Tuesday, Orchid Pharma shares closed at 495.10, up 1.60 percent from Monday’s closing price.