Wockhardt stock hits upper circuit of 5% as firm raises Rs 480 crore via QIP

Shares of Wockhardt Ltd hit the upper circuit of 5% on Wednesday after the pharma firm said it raised Rs 480 crore via Qualified Institutional Placement (QIP) of shares. The capital raising committee of the firm approved the issue and allotment of 92,85,163 Equity Shares to eligible QIBs.

The allotment has been approved at an issue price of Rs 517 per share, which is a 5% discount to the QIP floor price of Rs 544.02 per share.

The QIP of shares was open from March 20 to March 26.

In the current session, Wockhardt stock was stuck in the upper circuit of 5% at Rs 555.80 on BSE. Total 3935 shares of the firm changed hands amounting to a turnover of Rs 21.80 lakh on BSE. Market cap of the firm rose to Rs 8,009 crore on BSE. The share hit a 52-week high of Rs 630 on March 1, 2024 and a 52-week low of Rs 145.35 on March 29, 2023.

In terms of technicals, the relative strength index (RSI) of the stock stands at 47.9, signaling it's trading neither in the overbought zone nor in the oversold zone

The Wockhardt stock is trading higher than 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 18.27 per cent since the beginning of this year and risen 267.84% in one year.

After the QIP, the paid-up equity share capital of the pharma firm will rise to Rs 76.7 crore, comprising 15.34 crore equity shares of face value of Rs 5 each from Rs 72.05 crore consisting of Rs 14.41 crore shares of face value of Rs 5 each.