Shares of Suven Life Sciences Ltd., the manufacturer and exporter of pharmaceutical products, gained as much as 15% on Tuesday, May 13, after it raised up to ₹857 crore through a preferential issue of shares to promoter, and non-promoter entities, which also includes funds managed by market veterans Sunil Singhania and Prashant Jain.
Suven Life’s board approved the issue of 6.4 crore fully convertible warrants on a preferential basis to promoters and non-promoter entities, it said in an exchange filing.
Out of these, nearly 50% of the warrants have been issued to Jasti Property and Equity Holdings Pvt. Ltd., in its capacity as the sole trustee of the Jasti Family Trust. The entity has been issued 3.17 crore convertible warrants on a preferential basis.
Among others who have been issued warrants include Abakkus Diversified Alpha Fund, run by market veteran Sunil Singhania, who has been issued 29.85 lakh warrants. The other major entity who has been issued warrants, includes 3P India Equity Fund, managed by Prashant Jain.
The 3P India Equity Fund 1 has been issued 33.58 lakh warrants, while the 3P India Equity Fund 1M has been issued 11.19 lakh warrants.
Quant Mutual Fund (47.01 lakh warrants), ITI Holdings and Investment Pvt. Ltd. (18.65 lakh warrants), Atman Investments Pvt. Ltd. (10 lakh warrants) have also been part of this fund raise.
These warrants have been issued at a price of ₹134 per warrant, which is a 12.4% discount to Monday’s closing price.
Shares of Suven Life Sciences are currently trading 11.8% higher at ₹171.15. The stock has risen 35% in the last one month.