SeQuent Scientific raises Rs 400 crore through QIP

Drug firm SeQuent Scientific has raised Rs 400 crore by issuing equity shares through qualified institutional placement (QIP).
"The company has issued 7,476,635 equity shares at Rs 535 per share, aggregating to Rs 400 crore," SeQuent Scientific said in a filing to the BSE.
The QIP proceeds will be utilised to meet the company's long-term funding requirements, including investments in R&D, new markets, capital expenditure and to meet general business requirements, it added.
Commenting on the development, SeQuent Scientific Managing Director Manish Gupta said: "With the successful completion of the capital raising, we now look forward to the next phase of strategic growth with confidence."

SeQuent Scientific has seven manufacturing facilities approved in India and Turkey.
The company's shares today closed 0.24 per cent down at Rs 620.50 apiece on the BSE.