Wockhart Share Price Hits 5% Upper Circuit After Madhu Kela, Prashant Jain Pick Up Stake

Wockhart share price hit a 5 percent upper circuit after Madhu Kela and Prashant Jain invested in the company’s Rs 480-crore Qualified Institutional Placement (QIP).

The pharma company closed its QIP on March 26 after approving the issuance of 92.85 lakh equity shares at an issue price of Rs 517 per share, offering a 5 percent discount to the QIP floor price of Rs 544.02 per share.

Institutions that were allotted 5 percent or more of the QIP included former HDFC Mutual Fund veteran Prashant Jain’s managed 3P India Equity and Madhusudan Kela’s Cohesion MK Best Ideas. Prashant Jain’s 3P India Equity picked up a 16.04 percent stake or 14,89,360 shares, while Madhusudan Kela’s Cohesion MK Best Ideas acquired a 6.25 percent stake or 5,80,270 shares, according to data available on BSE.

Other prominent names that acquired stakes in Wockhardt included ICICI Prudential, Tata Opportunities Fund, Mirae Asset, and Inevsco India Smallcap Fund, among others.

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Following the QIP, the pharma company’s paid-up equity share capital will increase to Rs 76.7 crore. It consists of 15.34 crore equity shares, up from the previous Rs 72.05 crore, consisting of 14.41 crore shares.

At 11:50 AM, Wockhart was trading at Rs 555.80 per share on BSE, up Rs 26.45.

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