Suven Life shares up over 3.5% after fund raising

Shares of Suven Life Sciences today rose by over 3.5 per cent after the company raised Rs 200 crore through Qualified Institutional Placement (QIP) route.
Suven Life's scrip gained 3.53 per cent to settle at Rs 227.60 on the BSE. During the day, it rose by 4.16 per cent to Rs 229.
At the NSE, it went up by 3.54 per cent to end at Rs 227.90.
In the process, the company added Rs 91.02 crore to Rs 2,659.02 crore in its market capitalisation.
Pharmaceuticals firm Suven Life Sciences Ltd had yesterday said it has raised Rs 200 crore through 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 had 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 had said.