New Delhi, Sept. 22 -- Shares of Neogen Chemicals Limited surged during Tuesday's intraday trading session, a day after the specialty chemical stock raised nearly Rs.600 crore crore fund via its first-ever Qualified Institutional Placement (QIP). The issue was oversubscribed by more than 6.5x.

The specialty bromine chemicals manufacturer received strong participation from a diverse mix of renowned domestic and global institutional investors. The company had approved the fundraise on July 24, while shareholders subsequently gave their approval through a special resolution passed in August.

Under the Neogen Chemicals QIP, the company had allotted 26,60,753 equity shares of face value of Rs.10 each at an issue price of Rs.2,255 per equity ...