Poly Medicure gains 6% on successful fund raising via QIP issue

The company's QIP committee approved the allotment of 7.63 million equity shares to eligible qualified institutional buyers at a price of Rs 524 per equity share

Shares of medical equipment maker Poly Medicure rose 6 per cent to hit a new high of Rs 689 on the BSE in Friday’s intra-day trade after the company successfully raised Rs 400 crore through qualified institutional placement (QIP) route. In the past one week, the stock has rallied 16 per cent, as compared to a nearly 1 per cent decline in the S&P BSE Sensex.

“The QIP opened on February 15, 2021, and closed on February I 8, 2021,” Poly Medicure said in a regulatory filing. 

On Thursday, the company’s QIP committee approved the allotment of 7.63 million equity shares to