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Poly Medicure Kicks Off Major ₹1,000 Crore Fundraise: Is This Their Next Big Leap?
Last Updated: 20th August 2024 - 03:50 pm
Poly Medicure has initiated a Qualified Institutional Placement (QIP) to raise ₹1,000 crore, according to sources cited by CNBC-TV18. The report indicates that this QIP is anticipated to result in a 5.54% dilution of the company's equity when compared to the pre-issue outstanding capital.
On, Monday, August 19, Poly Medicure shares closed nearly 9% higher, reaching ₹2,126.25 on the NSE.
The shares involved in the QIP are available within an indicative price range of ₹1,850 to ₹1,880 each, representing a discount of approximately 11.6% from the stock's last closing price.
The capital raised from this QIP will be allocated for various purposes. Poly Medicure plans to use the funds for capital expenditure to build new manufacturing facilities, explore inorganic growth opportunities, and for general corporate purposes, according to the CNBC-TV18 report.
Furthermore, the QIP includes a 90-day lock-up period for promoters following the issue's closing date. IIFL Securities Limited and SBI Capital Markets Ltd are acting as the Book Running Lead Managers, overseeing the QIP process, the report added.
Poly Medicure Limited (Polymed) is a medical device company that produces a range of products, including central venous access catheters, anesthesia disposables, infusion sets, gastroenterology tubes, blood bags and administration sets, urine bags and catheters, surgical and wound drainage products, dialysis disposables, diagnostics disposables, and pediatric products like mucus extractors and umbilical cord clamps. The company also manufactures other disposable products such as insulin syringes and sputum collectors.
Polymed operates manufacturing facilities in Faridabad, Haridwar, Jaipur, and China, and markets its products internationally through a direct sales force and distributors. The company is headquartered in Faridabad, Haryana, India.
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