Wockhardt shares were locked at 5% upper circuit, trading at 557.85. This timely increase came after news that relatives of renowned investors Madhusudan Kela and Prashant Jain invested Rs 480-crore in the company’s Qualified Institutional Placement (QIP).
Wockhardt QIP was successfully completed on March 26. Ahead approval had been given for the issue of 92.85 lakh equity shares issued at an issue price of not less than Rs 517 per share. That price represented a 5 percent discount to the QIP floor price of Rs 544.02 per share.
Prominent new subscribers for the QIP included Prashant Jain’s 3P India Equity led by the former HDFC Mutual Fund veteran, Madhusudan Kela’s Cohesion MK Best Ideas, each of which was allotted 5 percent or more of the QIP.
This strong investor support in Wockhardt’s QIP reflects the market’s confidence in the company’s future growth prospects and strategy. Wockhardt shares continued to trade at ₹557.85 pm, or 5% up from yesterday’s close.
