Wockhardt receives approval to use QIP to issue capital, with a floor price of Rs 544.02.

Wockhardt's QIP Approval

Anticipated issue size: Rs 570 crore.

Floor price set at Rs 544.02 per share.

Wockhardt Ltd Capital Raising Committee greenlights Qualified Institutional Placement (QIP).

Company Details

Issue Breakdown

Fresh shares: Rs 350 crore.

Committee to finalize details on March 26,2024.

Greenshoe option: Rs 220 crore.

Pricing and Discount

Final issue price is to be determined on March 26, 2024.

Committee may offer up to 5% discount on issue price.

Previous Shareholder Decision

Authorized board to raise funds through QIP or eligible securities.

Shareholders rejected a Rs 1,600-crore loan proposal from Khorakiwala Holdings in August.

Implications and Next Steps

Highlights company's commitment to financial stability and growth.

Committee reconvenes on March 26 for finalization.

QIP approval reflects the company's strategy for capital raising.

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