 "Sequent Scientific extends decline after fixing QIP price")
Sequent Scientific has dipped 4% to Rs 600, extending its previous day’s 3.5% fall on the BSE, after the pharmaceutical company fixed a floor price at Rs 562.56 for the qualified institutional placements (QIP) issue.
“The floor price has been arrived at Rs 562.5625 per equity share and the company may offer a discount of not more than 5% on the floor price,” Sequent Scientific said in a BSE statement.
Meanwhile, the company announced that the QIP committee of the board of directors of the company on 19 May 2015, has decided to open on 19 May 2015 the issue of equity shares of the company, through a qualified institutions placement.
In June last year, the board of directors of the company had approved fund raising of up to Rs 400 crore through issue of GDRs, ADRs, FCCBs, QIP and similar equity-linked instruments.
The stock opened at Rs 606 and touched a low of Rs 587 so far. Around 18,000 shares changed hands on the counter till 1154 hours.
“The floor price has been arrived at Rs 562.5625 per equity share and the company may offer a discount of not more than 5% on the floor price,” Sequent Scientific said in a BSE statement.
Meanwhile, the company announced that the QIP committee of the board of directors of the company on 19 May 2015, has decided to open on 19 May 2015 the issue of equity shares of the company, through a qualified institutions placement.
In June last year, the board of directors of the company had approved fund raising of up to Rs 400 crore through issue of GDRs, ADRs, FCCBs, QIP and similar equity-linked instruments.
The stock opened at Rs 606 and touched a low of Rs 587 so far. Around 18,000 shares changed hands on the counter till 1154 hours.