Poly Medicure Ltd. opened its qualified institutional placement of equity shares on Monday to raise Rs 1,000 crore at a floor price of Rs 1,880.68 apiece.
The issue price for the QIP will be determined by the medical device manufacturer in consultation with the-booking running lead managers appointed for the same. The company may at its discretion offer a discount of not more than 5% on the floor price calculated for the issue, according to an exchange filing.
Earlier, a public shareholder haddivested 2.37% stake in Poly Medicure for Rs 443.8 crore through an open market transaction. Mumbai-based Lighthouse Advisors India, through its affiliate—Lighthouse India III Equity Investors—sold 22.76 lakh shares at Rs 1,950.03 apiece, according to bulk deal data on the NSE.
Poly Medicure’s stock closed 8.91% higher at Rs 2,126.35 apiece on the BSE, compared with a 0.02% decline in the benchmark Sensex.
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