Neogen Chemicals Limited’s Fund-Raising Committee has approved the preliminary placement document and authorized the opening of a qualified institutions placement (QIP) for equity shares. The committee has also fixed the floor price for the QIP at ₹2,189.73 per Equity Share, calculated as per SEBI ICDR Regulations. The company may offer a discount of up to 5% on this floor price. This move indicates a capital-raising initiative by the company.
Neogen Chemicals Approves Qualified Institutions Placement
The Fund-Raising Committee of Neogen Chemicals Limited has taken key decisions regarding a qualified institutions placement (QIP) of equity shares. This initiative aims to raise capital through the issuance of equity shares with a face value of ₹10 each. The decision follows approvals from the Board of Directors on July 24, 2026, and shareholders via a special resolution passed on August 21, 2026.
Key Approvals and Floor Price Determination
In its meeting held on September 10, 2026, the committee approved the preliminary placement document and the draft application form for eligible qualified institutional buyers. The committee also authorized the opening of the proposed issue of equity shares under Chapter VI of the SEBI ICDR Regulations and Section 42 of the Companies Act, 2013. The floor price for this QIP has been fixed at ₹2,189.73 per Equity Share. This price is calculated based on the pricing formula prescribed under Regulation 176(1) of the SEBI ICDR Regulations. The company reserves the right to offer a discount of not more than 5% on this floor price.
Relevant Date and Future Steps
The ‘Relevant Date’ for the purpose of the QIP has been fixed as September 10, 2026. The issue price will be determined by the Company in consultation with the lead managers appointed for the issue. The preliminary placement document dated September 10, 2026, will be filed with the BSE Limited and the National Stock Exchange of India Limited on the same day. A copy of this document will also be available on the company’s website under the ‘Issue of Securities’ tab.
Source: BSE
