Wockhardt shares locked in 5% upper circuit after its Rs 480 crore QIP issue
ICICI Prudential, Mirae Asset Management, 3P India Equity Fund I, Tata Indian Opportunities Fund, Invesco India Smallcap Fund, Gagandeep Credit Capital and Subhkam Ventures are some of the funds that have been issued over 5 per cent of the equity shares as part of the QIP.
Shares of the small-cap pharma major Wockhardt were locked in the 5 per cent upper circuit at Rs 555.8 apiece on the BSE in Wednesday's session (March 27, 2024) as the company amassed Rs 480 crore via the QIP (qualified institutional placement) issue.
On the previous day, the stock closed at Rs 529.35 apiece on the BSE.
The drug manufacturer's Capital Raising Committee approved and determined the allocation of 92.85 lakh shares at an issue price of Rs 517 per share, which includes a discount of Rs 27.02, or 4.97 per cent, to the floor price of Rs 544.02 per share.
ICICI Prudential, Mirae Asset Management, 3P India Equity Fund I, Tata Indian Opportunities Fund, Invesco India Smallcap Fund, Gagandeep Credit Capital and Subhkam Ventures are some of the funds that have been issued over 5 per cent of the equity shares as part of the QIP.
After the allotment of shares under the issue, the company's paid-up share capital increased to Rs 76.70 crore from Rs 72.05 crore.
The company launched its QIP on March 20 to raise Rs 570 crore, which, as per reports, comprised a base size of Rs 350 crore and a greenshoe option worth Rs 220 crore.
The stock of Wockhardt has risen 246% in the past 12 months, while Nifty 50 during the same time has gained 31 per cent.
Wockhardt is engaged in manufacturing and marketing pharmaceutical and bio-pharmaceutical formulations, active pharmaceutical ingredients (APIs) and vaccines. The company is a smallcap pharma major commanding a m-cap of Rs 8009 crore.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How long will it take to build Rs 6 crore corpus with Rs 6,000, Rs 10,000 or Rs 15,000 monthly investments?
Highest Senior Citizen FD Rates: Check what banks like SBI, BoB, Canara Bank, HDFC Bank, ICICI Bank are providing on 1-yr, 3-yr, 5yr term deposits
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
10:47 AM IST