Neogen Chemicals sets QIP floor price at ₹2,190, offers up to 5% discount

Neogen Chemicals has set the floor price for its qualified institutions placement (QIP) at ₹2,189.73 per equity share, the company said in a regulatory filing on Thursday.

The company's Fund-Raising Committee approved the preliminary placement document and draft application form for the issue at a meeting on September 10. It also authorised the opening of the QIP for eligible qualified institutional buyers with effect from the same day.

The floor price has been calculated using the pricing formula prescribed under Regulation 176(1) of the Securities and Exchange Board of India's (SEBI) Issue of Capital and Disclosure Requirements Regulations.

The company has fixed September 10 as the relevant date for the QIP under the applicable SEBI regulations.

Neogen Chemicals can, at its discretion, offer a discount of up to 5% to the floor price. The final issue price will be decided by the company in consultation with the lead managers to the issue.

QIP gets shareholder approval

The fundraise follows approval from the company's board on July 24 and shareholder approval through a special resolution passed on August 21.

Neogen Chemicals said it will file the preliminary placement document with the BSE and National Stock Exchange of India on Thursday. The document will also be available on the company's website under the "Issue of Securities" section.

Shares of Neogen Chemicals rose 5.89% to close at ₹2,388 on the NSE on September 10.