homemarket NewsWockhardt QIP: Madhusudan Kela, Prashant Jain among investors as company raises ₹480 crore
Wockhardt QIP: Madhusudan Kela, Prashant Jain among investors as company raises ₹480 crore
ICICI Prudential, Mirae Asset Management, Tata Indian Opportunities Fund, Invesco India Smallcap Fund, Gagandeep Credit Capital and Subhkam Ventures are some of the other funds that have been issued shares within the QIP.
Funds managed by veteran investors Madhusudan Kela and Prashant Jain are among the institutions that have invested in the Qualified Institutional Placement (QIP) of Wockhardt Ltd, according to an exchange filing. The Habil Khorakiwala-led drugmaker approved the closure of the institutional share sale on Tuesday, raising ₹480 crore.
As part of the placement, Wockhardt issued 92.85 lakh equity shares at an issue price of ₹517 per share, representing a 5% discount to the QIP floor price of ₹544.02 per share. Notable funds such as 3P India Equity Fund, managed by Prashant Jain, and Madhusudan Kela's Cohesion MK Best Ideas sub-trust, have acquired 5% or more shares in the QIP.
Additionally, ICICI Prudential, Mirae Asset Management, Tata Indian Opportunities Fund, Invesco India Smallcap Fund, Gagandeep Credit Capital, and Subhkam Ventures are among the other funds that have participated in the issuance of shares through the QIP.
| Funds | % Of Shares In QIP |
| ICICI Prudential (Various Schemes) | 20.83% |
| 3P India Equity Fund 1 | 16.04% |
| Tata Indian Opportunities Fund | 14.58% |
| Mirae Asset (Various Schemes) | 9.37% |
| Cohesion MK Best Ideas Sub-Trust | 6.25% |
| Invesco India Smallcap Fund | 6.25% |
| Gagandeep Credit Capital Pvt. Ltd. | 5.46% |
| Subhkam Ventures I Pvt. Ltd. | 5.38% |
Post the QIP the paid-up equity share capital of the company will increase to ₹76.7 crore, consisting of 15.34 crore equity shares of face value of ₹5 each from ₹72.05 crore consisting of ₹14.41 crore shares of face value of ₹5 each.
CNBC-TV18 had reported last week citing sources that the Wockhardt planned to raise ₹570 crore through the QIP it launched, of which, ₹350 crore was the base issue and the remaining ₹220 crore was part of a green shoe option.
In July last year, Wockhardt's board approved a related party transaction to avail loans from Khorakiwala Holdings and Investments Private Ltd. worth ₹1,600 crore. However, the proposal was rejected by the company's shareholders during its AGM in August.
However, the shareholders had authorised the company's board to raise up to ₹1,600 crore through a QIP or the issue of other eligible securities.
Shares of Wockhardt ended 1.6% lower on Tuesday at ₹536. The stock is up 254% over the last 12 months.
(Edited by : Akanksha Upadhyay)
First Published: Mar 27, 2024 5:09 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha Polls '24 | Rahul Gandhi in Rae Bareli, why not Amethi
May 4, 2024 9:43 AM
Supreme Court says it may consider interim bail for Arvind Kejriwal due to ongoing Lok Sabha polls
May 3, 2024 4:57 PM
10% discount on fare on Mumbai Metro lines 2 and 7A on May 20
May 3, 2024 2:40 PM