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Wockhardt on Thursday announced that its board at its meeting has approved the issuance of equity shares of up to ₹1,000 crore through rights issue. Shares of Wockhardt were trading more than a percent higher at ₹441.9 apiece on the BSE.
The company said that the objective of the issue is to, inter alia, meet the Company’s financing needs for repayment of subordinated debt due, financing research and development initiatives, general corporate purposes and/ or such other use of process as may be permitted under the applicable laws.
“The board of directors of the company (“Board”) was held today i.e. on Thursday, 6th January, 2022 whereby the Board has, inter alia, considered and approved, subject to receipt of relevant approvals, if and as may be required, issue of equity shares by way of a rights issue to the existing shareholders of the Company for an amount not exceeding ₹1,000 crore,” Wockhardt said in an exchange filing today.
Meanwhile, the company’s board also authorised the Capital Raising Committee of the board to decide on the terms and conditions of the issue including the rights entitlement ratio, the issue price, record date, timing of the Issue and other related matters, the drug firm added.
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