Shares of Wockhardt Ltd. gained during the trading session on March 21, after the company announced its plans to raise funds through the Qualified Institutional Placement.
The Capital Raising Committee of Wockhardt In charge body approved the company’s decision to commence the QIP at the floor price of Rs 544.02 per share, which is almost near to the stock’s close of Rs 546 in Wednesday’s trading session.
The pharmaceutical firm planned to raise to Rs 570 crore through the QIP, with the issue amounting to Rs 350 crore and the greenshoe alternative amounting to Rs 220 crore.
At the issue price of Rs 517 per share, the pharmaceutical company began offering an opportunity for institutional investors to join it in its expansion process.
As of 12:55 pm, shares of Wockhardt were trading at Rs 549.00, reflecting the investors’ hopes of securing the company’s future.
