Neogen Chemicals Limited has announced the outcome of its Fund-Raising Committee meeting held on September 10, 2026. The committee approved the preliminary placement document and authorized the opening of a Qualified Institutions Placement (QIP) for equity shares. The floor price for this issuance has been set at ₹2,189.73 per share. This move is a significant step in the company’s capital-raising strategy to fund its growth initiatives.
Fund-Raising Committee Approves QIP
Neogen Chemicals Limited’s Fund-Raising Committee convened on September 10, 2026, and approved key aspects of a proposed Qualified Institutions Placement (QIP). This action follows the earlier approval from the Board of Directors on July 24, 2026, and a special resolution passed by shareholders on August 21, 2026.
Key Decisions for Equity Issuance
The committee has adopted a preliminary placement document dated September 10, 2026, and a draft application form. These documents are intended for eligible qualified institutional buyers, inviting bids for the subscription of equity shares. The committee has authorized the opening of this QIP, in line with Chapter VI of the SEBI ICDR Regulations and Section 42 of the Companies Act, 2013.
Floor Price and Discount Potential
Crucially, the floor price for the QIP has been fixed at ₹2,189.73 per Equity Share. This price is calculated based on the prescribed pricing formula under Regulation 176(1) of the SEBI ICDR Regulations. The company retains the discretion to offer a discount of up to 5% on this floor price, as permitted by regulations. The floor price, however, will not fall below the price determined by the official pricing formula.
Preliminary Placement Document Availability
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. Additionally, a copy of this document will be made available on the company’s website at https://neogenchem.com/announcements/ under the ‘Issue of Securities’ tab.
Source: BSE
