Natco Pharma gains after raising funds via QIP

Natco Pharma rose 1.67% to Rs 2262.10 at 09:47 IST on BSE after the company said it raised Rs 340.88 crore by issuing shares to qualified institutional buyers.

The announcement was made after market hours yesterday, 15 September 2015.

Meanwhile, the BSE Sensex was up 192.44 points, or 0.75%, to 25,898.37.

On BSE, so far 1,491 shares were traded in the counter, compared with an average volume of 5,393 shares in the past two weeks.

The stock hit a high of Rs 2273.30 and a low of Rs 2235 so far during the day. The stock hit a 52-week high of Rs 2,709 on 7 April 2015. The stock hit a 52-week low of Rs 1,245.40 on 20 October 2014.

Natco Pharma announced that it has raised Rs 340.88 crore by issuing shares to qualified institutional buyers. The company issued 16 lakh shares at a price of Rs 2,130.55 apiece. The issue price was at a 5% discount to the floor price of Rs 2,242.68 per share. The discount translates to Rs 112.13 per share.

On a consolidated basis, net profit of Natco Pharma declined 15.63% to Rs 28.23 crore on 14.18% rise in net sales to Rs 222.14 crore in Q1 June 2015 over Q1 June 2014.

Natco Pharma manufactures generic dosage forms, bulk actives and intermediates for the Indian and international markets.

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