Alembic Pharmaceuticals Ltd opens QIP, fixes floor price

The Fund Raising Committee of the Board (the "Committee") of Alembic Pharmaceuticals Ltd has, at its meeting held today i.e. 3rd August, 2020, has authorised the opening of the Qualified institutions placement of equity shares of face value Rs. 2 each (the "Equity Shares") today, i.e. 3rd August, 2020.

The board approved and adopted the preliminary placement document dated 3rd August, 2020 in connection with the Issue and approved the floor price for the issue as Rs. 980.75 per Equity Share, based on the pricing formula prescribed under the SEBI ICDR Regulations. The Company may offer a discount of not more than 5% on the floor price so calculated for the Issue. The issue price will be determined by the Company in consultation with the Book Running Lead Managers appointed for the Issue.

Shares of ALEMBIC PHARMACEUTICALS LTD. was last trading in BSE at Rs.981.55 as compared to the previous close of Rs. 985.3. The total number of shares traded during the day was 243855 in over 2929 trades.

The stock hit an intraday high of Rs. 997.5 and intraday low of 971.35. The net turnover during the day was Rs. 240546321.

Source : Equity Bulls

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