Suven Life raises Rs 200 crore through QIP

Pharmaceuticals firm Suven Life Sciences Ltd today said it has raised Rs 200 crore through Qualified Institutional Placement (QIP) route to fund its clinical development programme and capital expenditure.
The offering was for 1,04,53,690 equity shares of face value of Rs 1 per equity share at a price of Rs 191.32 per share.
Post issue the promoters holding will be over 59 per cent as against 64.76 per cent on September 30, 2014.
In a BSE filing, Suven Life Sciences said, "It has concluded its Rs 200 crore fund raising exercise through the Qualified Institutional Placement (QIP) process."
The funds raised will be effectively deployed to fund the clinical development programme, capital expenditure and for general corporate purposes, it added.

Suven Life Sciences Chairman Venkat Jasti said: "One of the strategic objectives of this deal was to get the right set of long-term investors of high credibility and the willingness to back the long-term business plan of our company."

"The response to this QIP issue is a testimony to Suven's growth oriented financial performance and confidence of the investors in Suven's unique business model in CRAMS (contract research and manufacturing services) and NCE (new chemical entity)," the company said.
Anand Rathi Advisors Ltd acted as the sole global co-ordinator and book running lead manager for this QIP.
Shares of the company rose 5.42 per cent to end at Rs 219.85 apiece on the BSE.