"The company will take shareholders' approval through postal ballot for the issuance of shares under qualified institutional placement,” the medical device maker said in a regulatory filing issued during market hours today.

Meanwhile, the media reported that Poly Medicure is looking to participate in the government's Production-Linked Incentive (PLI) scheme for medical devices. Participating in the PLI scheme is one of the reasons the company has approved raising Rs 400 crore QIP, the report added.

In order to boost domestic manufacturing and cut down on import bills, the central government in March this year introduced the PLI scheme that aims to give companies incentives on incremental sales from products manufactured in domestic units. Apart from inviting foreign companies to set shop in India, the scheme also aims to encourage local companies to set up or expand existing manufacturing units.

Poly Medicure exports plastic medical disposables/surgical devices. It manufactures and supplies approximately 100 types of disposable medical devices in the product verticals of infusion therapy, anesthesia, urology, gastroenterology, blood management and blood collection, surgery and wound drainage, dialysis and central venous access catheters

The company's consolidated net profit jumped 23.23% to Rs 35 crore on 14.80% increase in revenue from operations to Rs 199.62 crore in Q2 September 2020 over Q2 September 2019.