Wockhardt at 5% UC

Wockhardt is in the news today morning thanks to the completion of its Qualified Institutional Placement (QIP).

The QIP opened on 20th March and closed yesterday, 26th March. The company raised Rs.480 crore, issuing and allotting over 92 lakh shares.

The QIP issue price was at Rs.517/share, which included a discount of Rs.27.02/share, equivalent to 4.97% of the floor price.

Post this QIP issue, paid-up equity of the company stands increased from 72.06 crore to Rs.76.70 crore.

Among the many investors, 3P India Equity Fund, managed by Prashant Jain, the former HDFC Mutual Fund veteran got the maximum shares of the QIP at over 16%.

Madhusudan Kela's Cohesion MK Best Ideas got 6.25%. ICICI Prudential, Tata Indian Opportunities Fund, Mirae, Invesco are some of the prominent investors in the QIP.

The market seems to be pretty pleased with this development; the stock which had closed yesterday at Rs.529.35, opened today at Rs.543 ad rose to Rs.555.80, its 5% UC of the day. Its 52-week high stands at Rs.630.