Wockhardt Ltd. is set to raise Rs 400 crore through a qualified institutional placement, according to people with knowledge of the matter.
The price for the QIP is likely to be based on the 10-day average price of Rs 561, the people quoted above said on the condition of anonymity due to the confidential nature of the information.
An email sent to the company for comments remained unanswered.
In August 2023, shareholders of the company approved a proposal to raise up to Rs 1,600 crore by way of one or more public or private offerings, including through a QIP, to eligible investors.
The company is trying to raise funds "on priority," according to the people quoted above.
The company's cash and bank balance stood at Rs 33 crore as of Dec. 31, 2023, while its borrowings, excluding lease liabilities, stood at Rs 1,698 crore.
The pharmaceutical major's third quarter revenue rose 0.28% on an annual basis to Rs 701 crore. Its Ebitda stood at Rs 52 crore, down 11.86%.
Net loss contracted to Rs 86 crore in Q3 FY24, compared to Rs 102 crore in the corresponding quarter of the previous year.
Shares of Wockhardt closed 7.69% higher on Monday, compared to a 0.41% decline in the benchmark Nifty 50.
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