Pharma giant Wockhardt Ltd has announced that its Capital Raising Committee has given the green light to its Qualified Institutional Placement (QIP).
The floor price for the QIP has been set at Rs 544.02 per share. Sources familiar with the matter told CNBC-TV18 that the total issue size is anticipated to be Rs 570 crore, comprising fresh shares of Rs 350 crore and a greenshoe option of Rs 220 crore.
The Capital Raising Committee is scheduled to reconvene on March 26 to finalise the issue price for the QIP and other pertinent details. Under the terms, Wockhardt may offer a discount not exceeding 5 percent of the floor price while determining the issue price.
This move comes after the company's shareholders rejected a proposal last August for a related party transaction involving Rs 1,600-crore loans from Khorakiwala Holdings. However, shareholders had authorised the board to raise funds for the same amount through a QIP or other eligible securities.
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