Indian innovative drug maker Wockhardt Ltd is planning another round of funding, the company said in an exchange filing on May 21.
The company board plans to make a decision on the fundraise at a meeting on May 28.
In a significant move on March 27, investment funds of top investors Madhusudan Kela and Prashant Jain contributed to a Rs 480-crore Qualified Institutional Placement (QIP) by the pharmaceutical company.
The QIP, which concluded on March 27, saw the company sanction the issuance of 92.85 lakh equity shares at Rs 517 per share, reflecting a 5 percent discount to the QIP floor price of Rs 544.02 per share.
Prashant Jain, formerly of HDFC Mutual Fund and manager of 3P India Equity, alongside Madhusudan Kela's Cohesion MK Best Ideas, were notable institutions, securing 5 percent or more of the QIP.
Other prominent names like ICICI Prudential, Mirae Asset Management, Tata Indian Opportunities Fund, Invesco India Smallcap Fund, Gagandeep Credit Capital and Subhkam Ventures were also issued shares in the QIP.
Following the QIP, the company's paid-up equity share capital increased to Rs 76.7 crore, comprising 15.34 crore equity shares, a rise from the previous Rs 72.05 crore, representing 14.41 crore shares.
As per the report for the fiscal year ending March 2023, the company reported an adjusted net debt of Rs 1,763 crore.
Investor interest in Wockhardt is buoyed by its portfolio of innovative products.
Among them is WCK5222, categorised as a novel "ß-lactam enhance" antibiotic, specifically targeting complicated urinary tract infections, including acute pyelonephritis.
Additionally, Wockhardt plans to conclude India trials and launch WCK4873, a novel drug designed for community-acquired bacterial pneumonia treatment, by the year-end. Also in the pipeline is WCK 6777, a once-a-day, globally unique, multi-drug resistant Gram-negative antibiotic tailored for outpatient intravenous therapy.
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