Zydus Wellness launched its qualified institutional placement (QIP) on Wednesday and set the floor price at Rs 1,775.85 per equity share for the issue.
The scrip was currently trading 0.17% higher at Rs 1,721.45 on the BSE. It traded in the range of Rs 1,706 and Rs 1,750 so far during the day.
Zydus Wellness after market hours yesterday said the duly constituted committee of directors, i.e., Finance and Administration Committee (Committee) decided and passed raising of funds by way of issue of equity shares, through a QIP; approved and authorised the opening of the QIP, on September 23, 2020; and approved the floor price for the QIP, being Rs 1,775.85 per equity share.
The company may, in accordance with the special resolution of the shareholders dated September 19, 2020, at its discretion, offer a discount of not more than 5%, if any thereto, as permitted under the SEBI ICDR Regulations on the floor price in the QIP, Zydus Wellness said.
The committee is scheduled to meet on or after 28 September 2020, to consider and approve the issue price of the equity shares to be allotted to qualified institutional buyers pursuant to the QIP issue and to consider, determine, and approve the date of closing of the QIP.
Zydus Wellness is engaged in the development, production, marketing and distribution of health and wellness products.
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