Alembic Pharma jumps as QIP issue opens

Alembic Pharmaceuticals gained 3.99% to Rs 1,027 after the company said its qualified institutions placement (QIP) issue to raise Rs 1,000 crore opened on 3 August 2020.

The floor price of the QIP issue is Rs 980.75 per equity share. The company's board will meet on 5 August 2020 to approve the issue price.

The fund-raising board of Alembic Pharmaceuticals on 27 July had given an approval to raise Rs 1000 crore through a QIP.

Alembic Pharmaceuticals reported a 143.7% surge in consolidated net profit to Rs 301.46 crore on 41.4% rise in net sales to Rs 1,341.32 crore in Q1 June 2020 over Q1 June 2019.

 

Alembic Pharmaceuticals is a vertically integrated research and development pharmaceutical company.

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