The share price of Wockhardt Limited has surged by 1.28% and 5.75 points. The share price of Wockhardt Ltd hit at Rs 442.65 per equity share. According to the company, the reason behind the company’s rise in share price is the board’s approval of the issuance of equity share via right issues worth Rs 1000 crore.
The board approved the issuance of equity shares to the shareholders for not more than Rs 1000 crore. The aim behind the issuance of equity shares is to overcome the company’s financial needs asked and repayment of previous debts.
The process of the rights issue including the issue price, the timing of the issue and other related matters are yet to be decided. The board has asked the funds raising committee of the board to decide the terms and conditions of the process.
Wockhardt Limited, headquartered in Mumbai, is a multinational pharmaceutical and biotechnology company. The company deals with the manufacturing of nutrition products, vaccines and active pharmaceutical ingredients. The net income of Wockhardt Ltd in the year 2021 is estimated to be around Rs 2,840.57 crore with a profit of Rs 686.06 crore. Whereas, in the year 2020 it was Rs 2,882.80 crore.