Shilpa Medicare gains on launching QIP; floor price at Rs 477.33/share

Shilpa Medicare added 2.64% to Rs 518.55 after the company announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 477.33 per share.

The pharma company's board authorized and declared the opening of the issue on Monday, 8 April 2024.

The floor price of Rs 477.33 is at a discount of 5.52% to the previous day's closing price of Rs 505.20 on the BSE.

The company may offer a discount of not more than 5% on the floor price so calculated for the issue.

The firm has also informed that a meeting of the committee is scheduled to be held on Tuesday, 12 April 2024 to consider and approve the issue price of the equity shares.

Shilpa Medicare is a global brand in manufacturing and supplying of API and formulation globally in different regulated markets.

The companys consolidated net profit stood at Rs 4.58 crore in Q3 FY24 as compared with net loss of Rs 6.62 crore posted in Q3 FY23. Net sales stood at Rs 286.48 crore in Q3 FY24, up 9.1% year on year.

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