Gujarat Themis closes ₹75 crore QIP at ₹354; promoter stake diluted
- Gujarat Themis Biosyn closed its QIP raising ₹75 crore at ₹354 per share
- Promoters disclosed passive dilution of stake to 59.33% post-allotment
- Quant Small Cap Fund emerged as largest single allottee with 25.67% stake
- Paid-up equity capital increased to ₹13.01 crore from ₹10.89 crore
*this image is generated using AI for illustrative purposes only.
Gujarat Themis Biosyn has closed its qualified institutional placement (QIP) with an issue price fixed at ₹354 per equity share. The Fund-Raising Committee approved the closure on August 28, 2026, allotting 2,11,86,440 shares to eligible qualified institutional buyers (QIBs), totaling ₹75 crore.
The final issue price incorporates a discount of ₹18.57 per share, or 4.98%, on the previously announced floor price of ₹372.57. This pricing aligns with the maximum 5% discount permitted under Regulation 176(1) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The company received application forms and funds in the escrow account from eligible QIBs prior to closing the issue period.
Pricing and Allocation Details
The Board had initially set the floor price at ₹372.57 per equity share during its meeting on August 25, 2026. The final determination of ₹354 per share includes a premium of ₹353 over the face value of ₹1 per share. The Fund-Raising Committee also finalized the allocation note for confirmation to the respective QIBs and adopted the placement document dated August 28, 2026.
| Pricing Component | Value |
|---|---|
| Floor Price | ₹372.57 |
| Issue Price | ₹354.00 |
| Discount Amount | ₹18.57 |
| Discount Percentage | 4.98% |
| Shares Allotted | 2,11,86,440 |
| Total Proceeds | ₹75 crore |
Key Allottees
The issuance saw significant participation from mutual funds and insurance companies. Quant Mutual Fund schemes collectively acquired a substantial portion of the issue, with the Quant Small Cap Fund being the largest single allottee. Kotak Mahindra Life Insurance Company Ltd and foreign portfolio investors also secured notable stakes.
| Allottee Name | Shares Allotted | % of Total Issue | Category |
|---|---|---|---|
| Quant Small Cap Fund | 54,37,833 | 25.67% | Mutual Fund |
| Kotak Mahindra Life Insurance | 28,24,859 | 13.33% | Insurance Company |
| Ayushmat Ltd | 24,01,130 | 11.33% | FPI (Corporate) |
| Capri Global Capital | 14,12,430 | 6.67% | SI - NBFC |
| Quant Equity Top 100 Long-Short | 15,00,000 | 7.08% | Mutual Fund |
Capital Structure Impact
Pursuant to the allotment, the paid-up equity share capital of Gujarat Themis Biosyn stands increased from ₹10,89,65,265 (10,89,65,265 shares) to ₹13,01,51,705 (13,01,51,705 shares). The shareholding pattern before and after the issue will be submitted along with the listing application in the format specified under Regulation 31 of the SEBI Listing Regulations.
Promoter Shareholding Dilution
In a disclosure filed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the promoters and promoter group reported a passive reduction in their percentage shareholding due to the QIP allotment. The promoters did not acquire any additional shares. Their absolute holding remains at 7,72,18,083 shares, but their stake is now diluted to 59.33% of the total voting capital.
An indirect encumbrance exists on 5,12,40,000 shares (39.37% of total) held by Pharmaceutical Business Group India Ltd, a promoter group entity. Separate disclosure regarding this encumbrance has already been made at the relevant time.
Shareholder Approval Context
The QIP proceeds follow the near-unanimous support received from shareholders via postal ballot, which concluded on August 22, 2026. Voting was conducted through remote e-voting on the CDSL platform from July 24 to August 22, 2026. CS Ketan R. Shirwadkar of KRS AND CO. scrutinized the process.
| Resolution Item | Status | Votes In Favour | Votes Against |
|---|---|---|---|
| Raising funds by issue of Equity Shares through QIP | Passed | 77,845,234 (99.97%) | 20,680 (0.03%) |
| Amendment to the Articles of Association | Passed | 77,863,513 (100.00%) | 2,401 (0.00%) |
| Private placement of NCDs and/or Debt securities | Passed | 77,844,780 (99.97%) | 21,134 (0.03%) |
Total votes polled amounted to 77.9 million out of 109.0 million outstanding shares, representing a 71.46% participation rate. Promoter and promoter group shareholders voted unanimously in favor, casting 74.0 million votes.
Trading Window Closure
In compliance with the company’s Code of Conduct for Regulating, Monitoring and Reporting Trading by Designated Persons, the trading window for dealing in Gujarat Themis Biosyn securities remains closed. This restriction applies from August 25, 2026, until 48 hours after the determination of the final issue price. All 'Designated Persons' as defined in the Code are subject to this ban.
The preliminary placement document dated August 25, 2026, and the draft application form were previously filed with the National Stock Exchange of India Limited and BSE Limited. The final placement document is now available on the company’s website.
Historical Stock Returns for Gujarat Themis Biosyn
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.82% | -3.42% | +19.28% | +50.13% | +9.11% | +70.87% |
How will Gujarat Themis Biosyn allocate the ₹75 crore raised through the QIP to drive future growth or reduce debt?
What is the strategic rationale behind Quant Small Cap Fund acquiring the largest single stake of 25.67% in this placement?
How might the 4.98% discount on the issue price impact the stock's short-term trading performance once the trading window reopens?
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