Natco Pharma gained 5.62% to Rs 1,016.45 at 15:12 IST on BSE after the company announced that the committee of directors has approved the closure of the qualified institutions placement today, 14 December 2017.
The announcement was made during market hours today, 14 December 2017.Meanwhile, the S&P BSE Sensex was up 166.46 points, or 0.5% to 33,219.50.
On the BSE, 1.01 lakh shares were traded in the counter so far, compared with average daily volumes of 41,319 shares in the past one quarter. The stock had hit a high of Rs 1,026.30 and a low of Rs 974.75 so far during the day. The stock had hit a record high of Rs 1,080 on 9 June 2017. The stock hit a 52-week low of Rs 555.50 on 26 December 2016.
The stock had outperformed the market over the past one month till 13 December 2017, rising 3.64% compared with 0.06% gains in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 25.48% as against Sensex's 2.69% rise. The scrip also outperformed the market in past one year, surging 61.36% as against Sensex's 23.8% rise.
The large-cap company has equity capital of Rs 34.90 crore. Face value per share is Rs 2.
Natco Pharma said that the committee at its meeting held today, 14 December 2017, has approved the closure of the qualified institutions placement (QIP) today, 14 December 2017. The committee has determined and approved allocation of 1 crore equity shares at the Rs 915 per equity share upon the closure of the issue, which is at a discount of 2.41% (Rs 22.63) per equity share, to the floor price of Rs 937.63 per equity share for the equity shares to be allotted to eligible qualified institutional buyers pursuant to the QIP amounting to an issue size of Rs 915 crore.
Natco Pharma said that the company has approved and adopted the placement document in connection with the QIP and approved the issue of confirmation of allocation note for allocation of equity shares to the eligible QIBs.
Natco Pharma's consolidated net profit rose 27.5% to Rs 84.4 crore on 7.3% fall in net sales to Rs 426.70 crore in Q2 September 2017 over Q2 September 2016.
Natco Pharma manufactures generic dosage forms, bulk actives and intermediates for the Indian and international markets.
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