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Elder Pharma's $50 mn QIP issue closes

Elder Pharma in an earlier filing to BSE had said its QIP issue was to open with the floor price at Rs 414 per share, setting the price band between Rs 415 and Rs 419.

twitter-logo PTI   New Delhi     Last Updated: September 22, 2010  | 00:00 IST

Drug firm Elder Pharmaceuticals on Wendesday said it has closed its qualified institutional placement (QIP) issue for raising nearly $50 million (about Rs 228 crore).

"The last date for the closure of the QIP issue was September 21," the company said in a filing to the Bombay Stock Exchange (BSE).

Elder Pharma in an earlier filing to BSE had said its QIP issue was to open with the floor price at Rs 414 per share, thus setting the price band for the issue between Rs 415 and Rs 419.

Besides, the drug firm had recently made an offer to acquire UK-based NeutraHealth Plc for nearly 9.80 million pounds (about Rs 70.60 crore).

Elder Pharma, which currently holds 21.1 per cent stake in NeutraHealth, said it has offered a price of 6.5 pence per share.

Scrips of Elder Pharma were trading at Rs 412.95 per share on the BSE in the afternoon trade, down 1.15 per cent from its previous close.


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