Wockhardt board nods 'Rights Issue' aggregating to Rs1,000cr; Stock surges 1%

6 Jan 2022 , 12:41 PM

Wockhardt board of directors on Thursday has approved the issue of equity shares by way of a rights issue to the existing shareholders of the Company for an amount not exceeding Rs1,000cr.

The objective of the Issue is to, inter alia, meet the Company’s financing needs for repayment of subordinated debt due, financing research and development initiatives, general corporate purposes and/ or such other use of process as may be permitted under the applicable laws.

Also, the Board authorised the Capital Raising Committee of the Board to decide on the terms and conditions of the Issue including the rights entitlement ratio, the issue price, record date, timing of the Issue and other related matters.

At around 12.38 pm, Wockhardt was trading at Rs442 per piece up by 1.3% on Sensex. The stock has touched an intraday high of Rs456.20 per piece.