Wockhardt Ltd. is set to raise up to Rs 570 crore through a qualified institutional placement.
The pharmaceutical company has launched a QIP with a base issue of Rs 350 crore with a green shoe option of Rs 220 crore, according to the term sheet reviewed by NDTV Profit.
NDTV Profit had broken the news of fundraise via QIP on Feb. 26.
The issue price for the fundraise is set at Rs 517 apiece, representing a discount of 5.34% from Wednesday's closing price. The issue price also represents a discount of 4.97% from the floor price of Rs 544.02 apiece, according to the term sheet.
The equity dilution is pegged at 7.11% of post-issue paid up share capital.
The issue opened on March 20 after market hours and will close on March 21, with an option to extend it further, it said.
DAM Capital Advisors is the sole book-running lead managers for the issue.
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'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, as compared with Rs 102 crore in the corresponding quarter of the previous year.
Shares of Wockhardt closed 0.98% lower on Wednesday, as compared with a 0.1% gain in the benchmark Nifty 50.
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