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Business News/ Markets / Stock Markets/  Wockhardt upper circuit: Wockhardt shares jump 5% after issuance of shares to Madhusudan Kela's company in 480-cr QIP
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Wockhardt upper circuit: Wockhardt shares jump 5% after issuance of shares to Madhusudan Kela's company in ₹480-cr QIP

Wockhardt QIP: Share allotment committee of the pharma company allotted 6.25% of the total QIP shares to Madhusudan Kela's company Cohesion MK Best Ideas

Wockhardt QIP: Share allotment committee of the pharma company allotted 16.04% of the total QIP shares to HDFC Mutual Fund veteran managed company 3P India Equity. (Photo: iStock)Premium
Wockhardt QIP: Share allotment committee of the pharma company allotted 16.04% of the total QIP shares to HDFC Mutual Fund veteran managed company 3P India Equity. (Photo: iStock)

Stock market today: Wockhardt shares witnessed strong buying interest in the early morning session on Wednesday. The pharma company declared closure of its QIP issue on Tuesday and allotted shares to the applicants of its QIP offer. The share allotment committee allotted 92,85,163 equity shares to the eligible QIBs, which includes ace investor Madhusudan Kela's company Cohesion MK Best Ideas and HDFC Mutual Fund veteran Prashant Jain's managed firm 3P India Equity. 

As per the share allotment details shared by the company with the Indian stock market exchanges, Madhusudan Kela's Cohesion MK Best Ideas has been allotted 5,80,270 shares of the company, which is 6.25 percent of the Wockhardt QIP size. Prashant Jain managed 3P India Equity has received 14,89,360 shares via in share allotment process. The total number of shares allotted to 3P India Equity is 16.04 percent of the Wockhardt QIP size. Some other prominent institutions like ICICI Prudential, Mirae Asset Fund, Invesco India Fund, Gagandeep Credit Capital, and Subhkam Ventures have also received shares through the QIP share allotment process.

Madhusudan Kela latest news

As per the share allotment details shared by Wockhardt Ltd, the share allotment committee of the pharma company allotted 5,80,270 shares to Madhusudan Kela's company Cohesion MK Best Ideas, which is 6.25 percent of the net QIB size of Wockhardt. These 5,80,270 Wockhardt shares are 6.25 percent of the total shares offered by Wockhardt in its QIP offer.

The QIP share allotment committee of Wockhardt Ltd also allotted shares to HDFC Mutual Fund veteran Prashant Jain managed company 3P India Equity. Prashant Jain managed company has been allotted 14,89,360 Wockhardt shares, which is 16.04 percent of the net QIP size. ICICI Prudential has been allotted 19,34,235 Wockhardt shares, which is 20.83 percent of the total Wockhardt QIP size. Wockhardt share allotment committee alloted these shares to various ICICI Prudential schemes.

Mirae Asset Fund has been allotted 8,70,406 Wockhardt shares, which is 9.37 percent of Wockhardt's QIP size. Invesco India Smallcap Fund has been allotted 5,80,270 shares or 6.25 percent of the QIP shares offered by the pharma company.

See full details of Wockhardt QIP allotment

Photo: Courtesy BSE exchange filing by Wockhardt Ltd
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Photo: Courtesy BSE exchange filing by Wockhardt Ltd

Wockhardt QIP details

Wockhardt Ltd had offered 92,85,163 shares to Qualified Institutional Investors at 517 apiece. The move was aimed at raising 4,80, 04,29,271 ( 517 x 62,85,163) or 480 crore through this QIP.

Wockhardt declared the closure of this 480 crore QIP on Tuesday declaring allotment of shares to the eligible QIB saying, "In furtherance to our earlier intimation bearing reference no. WOCK/SEC/SE/2023-24/075 dated 20th March, 2024 and WOCK/SEC/SE/2023-24/078 dated 26th March, 2024, with respect to the Issue which opened on Wednesday, 20th March, 2024 and closed on Tuesday, 26th March, 2024, we wish to inform you that the Capital Raising Committee of the Company at its meeting held today, i.e. Tuesday, 26th March, 2024, approved the issue and allotment of 92,85,163 Equity Shares, to eligible QIBs at the issue price of 517/- per Equity Share (including a premium of 512/- per Equity Share), which includes a discount of 27.02/- per Equity Share being equivalent to 4.97% of the floor price, as determined in terms of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, aggregating to 480,04,29,271 (Rupees Four Hundred and Eighty Crore Four Lakh Twenty Nine Thousand Two Hundred Seventy One Only), pursuant to the Issue."

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Asit Manohar
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Published: 27 Mar 2024, 12:07 PM IST
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