Zydus Wellness gains on raising Rs 650 cr via QIP issue

Zydus Wellness rose 1.51% to Rs 1867.45 after the company said it raised about Rs 649.97 crore through qualified institutional placement of 38.46 lakh equity shares at Rs 1,690 each.

The issue price is at 4.83% discount to the QIP floor price of Rs 1,775.85 per equity share. The QIP issue opened on 23 September 2020 and closed on 28 September 2020.

Zydus Wellness allotted 7.70 lakh shares (or 1.21% of the total shares offered in the issue) to SBI Small Cap Fund, 3.55 lakh shares (or 0.56% of the total shares offered in the issue) to Aditya Birla Sun Life Trustee, 3.26 lakh shares (or 0.51% of the total shares offered in the issue) to SBI Large & Midcap Fund, 3.20 lakh shares (or 0.50% of the total shares offered in the issue) to ICICI Prudential Multicap Fund, 2.50 lakh shares (or 0.39% of the total shares offered in the issue) to HDFC Life Insurance Company and 2.40 lakh shares (or 0.38% of the total shares offered in the issue) to ICICI Prudential Smallcap Fund.

Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the company stands increased from Rs 59.78 crore consisting of 5.97 crore equity shares to Rs 63.63 crore consisting of 6.36 crore equity shares.

Zydus Wellness is engaged in the development, production, marketing and distribution of health and wellness products. Its consolidated net profit rose 10.9% to Rs 89.20 crore on a 13.4% fall in net sales to Rs 537.37 crore in Q1 FY21 over Q1 FY20.

On a year-to-date (YTD) basis, the stock has gained 26.12% while the benchmark S&P BSE Sensex has lost 7.95% during the same period.

Powered by Capital Market - Live News