Shares of Wockhardt soared by 5 percent, hitting the upper circuit at Rs 557.85 per share on the NSE on March 27. This surge came after funds associated with renowned investors Madhusudan Kela and Prashant Jain participated in the company’s Rs 480-crore Qualified Institutional Placement (QIP).
Wockhardt successfully concluded its QIP on March 26, having sanctioned the issuance of 92.85 lakh equity shares at an issue price of Rs 517 per share. Notably, this price represented a 5 percent discount to the QIP floor price of Rs 544.02 per share.
Among the institutions that received allotments of 5 percent or more in the QIP were 3P India Equity, managed by former HDFC Mutual Fund veteran Prashant Jain, and Cohesion MK Best Ideas, led by Madhusudan Kela.
In addition to Madhusudan Kela and Prashant Jain’s funds, other notable names such as ICICI Prudential, Mirae Asset Management, Tata Indian Opportunities Fund, Invesco India Smallcap Fund, Gagandeep Credit Capital, and Subhkam Ventures were also allocated shares in the Qualified Institutional Placement (QIP) conducted by Wockhardt.
Following the Qualified Institutional Placement (QIP), Wockhardt’s paid-up equity share capital is set to rise to Rs 76.7 crore, comprising 15.34 crore equity shares. This marks an increase from the previous Rs 72.05 crore, which consisted of 14.41 crore shares.
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