Shares of Wockhardt Ltd. were locked in the 5% upper circuit on the NSE on Wednesday after it raised funds through qualified institutional placement.
The pharmaceutical company has raised Rs 480 crore by allotting 92,85,163 equity shares at the issue price of Rs 517 to qualified institutional buyers, according to an exchange filing.
After this, Wockhardt's paid-up equity share capital increased to Rs 76.71 crore, consisting of 15.34 equity shares with a face value of Rs 5 each, the filing said.
Shares of Wockhardt hit a 5% upper circuit at Rs 557.85 apiece, the highest level since March 21. It was locked in the 5% upper circuit as of 9:53 a.m. This compares to a 0.46% advance in the NSE Nifty 50 Index.
The stock has risen 268.95% in 12 months. Total traded volume so far in the day stood at 0.4 times its 30-day average. The relative strength index was 54.94.
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