Alembic Pharma gets board approval to raise up to Rs 1,000 cr via QIP

The drug maker on Monday said its board has given an approval to raise up to Rs 1,000 crore through a qualified institutions placement (QIP).

The board, at its meeting held on Monday, has accorded its approval to raise up to Rs 1,000 crore through a Qualified Institutions Placement (QIP) issue of equity shares, Alembic Pharmaceuticals said in a regulatory filing.

Further, the board has delegated its authority to a fund-raising committee which shall be authorised to take decisions with respect to the issue, it added.

On 22 May 2020, the company's board had passed an enabling resolution to raise up to Rs 1,200 crore by issue of securities.

On the technical front, the stock's RSI (relative strength index) stood at 56.588. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 905 and its 200-day moving average (DMA) placed at 677.08.

Alembic Pharmaceuticals reported a 145.08% surge in consolidated net profit to Rs 292.73 crore on 41.3% rise in net sales to Rs 1,341.32 crore in Q1 June 2020 over Q1 June 2019.

Shares of Alembic Pharmaceuticals declined 1.97% to Rs 961 on BSE. Alembic Pharmaceuticals is a vertically integrated research and development pharmaceutical company.

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