Wockhardt climbs 1% as board fixes issue price for rights issue worth Rs748 crore

4 Mar 2022 , 11:53 AM

On Thursday, the capital raising committee of the Wockhardt Ltd.’s Board decided to approve the issue of 3.33 crore fully paid-up equity shares worth Rs748 crore.

The company has fixed the issue price at Rs225 per fully paid-up equity share, including a premium of Rs220 per share. The issue will open for subscription on March 15 and will close on March 22, 2022.

The company is making this issue to meet its financing needs for payment of a subordinated debt, financing its research and development initiatives, and for general and corporate purposes.

Post this development, Wockhardt’s stock jumped despite a plunge in broader indices. At around 11.49 AM, Wockhardt was trading at Rs344.40, up by Rs3.95 or 1.16% against its previous closing price of Rs348.50 and Rs339.40 respectively.