Wockhardt Limited board approves rights issue to raise Rs. 1000 crore

At the meeting of the board of directors of Wockhardt Limited ("Board") was held today i.e. on Thursday, 6th January, 2022 whereby the Board has, considered and approved, subject to receipt of relevant approvals, if and as may be required, issue of equity shares by way of a rights issue to the existing shareholders of the Company for an amount not exceeding ₹ 1,000 crore (Rupees One Thousand Crores only) in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, the Companies Act, 2013 and other applicable laws ("Issue").

The objective of the Issue is to, 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.

The Board also 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.

Shares of Wockhardt Limited was last trading in BSE at Rs. 438.40 as compared to the previous close of Rs. 436.45. The total number of shares traded during the day was 171869 in over 5911 trades.

The stock hit an intraday high of Rs. 456.20 and intraday low of 436.80. The net turnover during the day was Rs. 76505798.00.

Source : Equity Bulls

Keywords

Wockhardt INE049B01025 WOCKPHARMA FundRaising RightsIssue