Wockhardt To Use Funds Raised Via QIPs To Retire External Debt: Founder Habil Khorakiwala
Wockhardt raised Rs 480 crore by issuing shares via the qualified institutional placement route.
Wockhardt Ltd. will use the money raised through qualified institutional placement to normalise and generate cash flows for future needs. It also plans to retire an external debt of Rs 100 crore through a fundraise.
The pharmaceutical company has raised Rs 480 crore by allotting 92,85,163 equity shares at the issue price of Rs 517 apiece, representing a 5% discount to the QIP floor price of Rs 544.02 per share, according to an exchange filing issued on March 26.
A range of products for diabetes is set to be introduced within the next 3-4 years, Habil Khorakiwala, founder and chairman of Wockhardt told NDTV Profit.
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.
