Suven Life Sciences gain after allotment of shares via QIP

Suven Life Sciences rose 1.02% to Rs 222.10 at 9:31 IST on BSE after the company said it has approved the allotment of 1.04 crore shares of face value of Re 1 each at a premium of Rs 190.32 per share aggregating to Rs 200 crore via QIP.

The announcement was made after market hours on Wednesday, 3 December 2014.

Meanwhile, the S&P BSE Sensex was up 145.75 points or 0.51% at 28,588.46.

On BSE, so far 56,000 shares were traded in the counter as against average daily volume of 1.82 lakh shares in the past two weeks.

The stock hit a high of Rs 225.50 and a low of Rs 221.75 so far during the day.

Suven Life Sciences said that the qualified institutional placement (QIP) Committee of the Board of Directors of the company at its meeting held on 3 December 2014, approved the allotment of 1.04 crore shares of face value of Re 1 each at a premium of Rs 190.32 per share aggregating to Rs 200 crore.

Suven Life Sciences' net profit fell 45.5% to Rs 24.84 crore on 7.6% decline in net sales to Rs 139.83 crore in Q2 September 2014 over Q2 September 2013.

Suven Life Sciences is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies through the use of GPCR targets.

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