Wockhardt Shares Gain As Rs 570-Crore QIP Opens
The issue opened on March 20 after market hours and will close on March 21, with an option to extend it further.
Shares of Wockhardt Ltd. rose on Thursday after it launched a QIP to raise Rs 570 crore.
The pharmaceutical company has launched a QIP with a base issue of Rs 350 crore and a green shoe option of Rs 220 crore, according to the term sheet reviewed by NDTV Profit.
NDTV Profit broke the news of the fundraise via QIP on Feb. 26.
The issue price for the fundraise is set at Rs 517 apiece, representing a discount of 5.34% from Wednesday's closing price. The issue price also represents a discount of 4.97% from the floor price of Rs 544.02 apiece, according to the term sheet.
The equity dilution is pegged at 7.11% of post-issue paid-up share capital.
The issue opened on March 20 after market hours and will close on March 21, with an option to extend it further, it said.
The company had said the capital raising committee will meet on March 26 to consider and determine the issue price of equity shares to be issued pursuant to the issue, including any discount, not more than 5%, on the floor price or Rs 544.02 calculated in accordance with SEBI, according to an exchange filing.
Shares of the company rose as much as 4.37% to Rs 570 apiece, the highest level since March 12. It pared gains to trade 2.18% higher at Rs 559 apiece as of 9:57 a.m. This compares to a 0.75% advance in the NSE Nifty 50 Index.
The stock has risen 262.61% in the past 12 months. Total traded volume so far in the day stood at 0.09 times its 30-day average. The relative strength index was at 54.90.