Bajaj Healthcare gains over 4% on board nod to raise up to ₹137 cr via preferential issue

The pharmaceutical company informed the exchanges on Wednesday that it will raise ₹207 crore via a preferential allotment of equity shares on a private placement basis and through an issue of convertible equity warrants on a preferential basis.

The company will issue 40,44,852 shares with a face value of ₹5 each for preferential allotment from the ‘non-promoter public’ category. The preferential issue will be conducted at a price of ₹338 per share (including a premium of ₹333 per share) to raise ₹136.71 crore.

Bajaj Healthcare informed the bourses that among the proposed allottees for the preferential issue of equity shares Vanaja Sundar Iyer and Weststone Management will be allotted the maximum stake. The company has proposed that Vanaja Sundar Iyer and Weststone Management will each be allotted 6,50,888 shares which aggregates to 1.93% shareholding for both the allottees post the issue.

The other major proposed allottees in the preferential issue of equity shares include mutual funds such as HDFC Mutual Fund, HDFC Pharma and Healthcare Fund, Umang Mahendra Shah, Akshat Greentech Pvt ltd, Umang Mahendra Shah, Sudha Commercial Company Limited, and Raika Investments.

The company will also issue 20,79,409 convertible equity warrants on a preferential basis, each with a face value of ₹5, at a price of ₹338 apiece(including a premium of ₹333 per warrant) to raise ₹70.28 crore. The promoters and promoter group, along with the non-promoter public, are among the proposed allottees of the issue.

Sajankumar Bajaj, the company's promoter, is among the list of proposed allottees in the issue and will be allotted the highest number of warrants, which will aggregate to 4,55,075 shares upon the conversion of the warrants. After the issue, Bajaj will hold 1,01,65,775 30.15 shares or a 30.15% stake in the company, according to the stock exchange filing.

The second-biggest proposed allottee is Anil Jain, who is part of the company's promoter group. Upon the conversion of the warrant, Jain will be allotted 4,55,074 shares of the company. After the issue, Jain will hold 19,16,849 shares, or a 5.68% stake in the company.

The other participants in the issue of convertible equity warrants include Swastik Capital, Dr Ashish Garg, Mohit Poddar, BH Lakhani, Vimal Trading and UK Vohra.

Bajaj Healthcare shares traded 0.84% higher at ₹394.7 apiece on the NSE at 12:45 pm.