Suven Life Sciences Ltd approves QIP

Subsequent to the approval accorded by the Board of Directors of Suven Life Sciences Ltd, at its meeting held on September 22, 2014 and the approval of the shareholders of the Company by way of a special resolution dated October 21, 2014 for the QIP, the QIP Committee of the Company has on November 27, 2014 passed the resolutions authorizing the opening of the QIP on November 27, 2014 and approving the Preliminary Placement Document dated November 27, 2014 in connection with the QIP, (the "Preliminary Placement Document").

The committee also gave its approval of the floor price for the QIP.

The 'Relevant Date' for this purpose, in terms of Regulation 81(c) (i) of the SEBI ICDR Regulations, is November 27, 2014 and accordingly the floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 85(1) of the SEBI ICDR Regulations is Rs. 201.38 per Equity Share. Pursuant to Regulation 85 of the SEBI ICDR Regulations, and further to the shareholder resolution dated October 21, 2014, the Company may offer a discount of not more than 5% on the floor price so calculated for the QIP.

Shares of SUVEN LIFE SCIENCES LTD. was last trading in BSE at Rs.203 as compared to the previous close of Rs. 204.85. The total number of shares traded during the day was 163071 in over 4809 trades.

The stock hit an intraday high of Rs. 209.75 and intraday low of 201. The net turnover during the day was Rs. 33575092.

Source : Equity Bulls

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