Shares of Poly Medicure hit a new high of Rs 804 after rallying 11 per cent on the BSE in intra-day trade on Tuesday. With today’s gain, the stock of the medical equipment company has surged 53 per cent over its qualified institutional placement (QIP) price of Rs 524 per share. Last month, on February 19, Poly Medicure had raised Rs 400 crore by allotting 7.63 million equity shares of the company to eligible qualified institutional buyers (QIB) at the issue price of Rs 524 per share. Foreign portfolio investors (FPIs) Smallcap World Fund Inc and Lighthouse India III Equity Investors Limited had bought more than 1 per cent stake each in the company. UTI – Healthcare Fund had also purchased a 1 per cent stake, the shareholding pattern filed by the company post the QIP issue shows.
Poly Medicure rose 2.25% to Rs 665 after the company successfully raised Rs 400 crore through qualified institutional placement (QIP) route.Poly Medicure s QIP committee approved allotment of 76,33,587 equity shares to eligible qualified institutional buyers at the issue price of Rs 524 per equity share, aggregating to Rs 400 crore. The QIP issue opened on 15 February 2021 and closed on 18 February 2021.
Allottees who were issued more than 5% of the total equity shares offered in the qualified institutions placement (QIP) are SMALLCAP World Fund (27.25%), Lighthouse India III Equity Investors (15.50%), UTI Mutual Fund (12.61%), Max Life Insurance Company (10%), Abu Dhabi Investment Authority (9.60%) and Ashoka India Opportunities Fund (5.95%).
Poly Medicure proposes to utilize the net proceeds for funding suitable organic and inorganic growth opportunities, ongoing capital expenditure, other long term and short terms requirements, pre-payment and/or repayment of outstanding borrow