Suven Life Sciences completes Rs. 200 Crores QIP

One of the leading pharmaceutical company Suven Life Sciences Limited ("Suven"), has concluded its INR 200 Crores fund raising exercise through the Qualified Institutions Placement (QIP) process. Anand Rathi Advisors Limited acted as the Sole Global Co-ordinator and Book Running Lead Manager for this QIP.

The transaction saw participation by some highly reputed investors in India. The Company accordingly will issue 1,04,53,690 equity shares of face value of INR 1/- per equity share at a price of INR 191.32 including a premium of INR 190.32 per share. Post issue the promoters holding will be in excess of 59% as against 64.76% on September 30, 2014.

The response to this QIP issue is a testimony to Suven's growth oriented financial performance and confidence of the investors in Suven's unique business model in CRAMS and NCE development.

The funds raised will be effectively deployed to fund the clinical development program, capital expenditure and for general corporate purposes.

Speaking on the occasion, Mr. Venkat Jasti, Chairman, Suven Life Sciences Limited said, "This is our public raise after 10 years since our preferential issue during 2004. The Anand Rathi team and we were able to successfully communicate our unique business model which has been validated and acknowledged by the fantastic response that we have received. 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. I believe the Anand Rathi team has delivered on that objective. We are now set to enter into a new and more exciting phase of growth."

On the deal closure, Mr. Amit Rathi, Managing Director of Anand Rathi Advisors said, "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."

Shares of SUVEN LIFE SCIENCES LTD. was last trading in BSE at Rs.219.85 as compared to the previous close of Rs. 208.55. The total number of shares traded during the day was 246135 in over 6467 trades.

The stock hit an intraday high of Rs. 221.3 and intraday low of 210.45. The net turnover during the day was Rs. 53642008.

Source : Equity Bulls

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