Natco Pharma has rallied 7% to Rs 260 after the company opened the Qualified Institutional Placement (QIP) issue.
The mid-cap pharmaceutical company proposed to raise Rs 100 crore through QIP, which would result in a dilution of 7-8%. The company is planning to use the issue proceeds for capital expansion in almost all its units.
“The committee of directors, at a meeting held on December 06, 2011, decided to make an issuance of equity shares of face value of Rs 10 each of the company to qualified institutional buyers and for this purpose, to open the issue on December 07, 2011,” the company said in a filing to the stock exchanges.
As many as 941,384 shares have already changed hands on the counter so far, against an average sub-900,000 shares traded daily in the past two weeks on the NSE and BSE.
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