Wockhardt sets issue price at Rs 225/share for Rs 748-cr rights issue

Pharmaceuticals firm Wockhardt Ltd on Thursday said it has fixed issue price at Rs 225 per share for its Rs 748-crore rights issue.

The capital raising committee of the company's board on Thursday decided to approve the issue of 3.33 crore fully paid-up equity shares, aggregating to a little over Rs 748 crore, Wockhardt said in a regulatory filing.

The issue price has been fixed at Rs 225 per fully paid-up equity share, including a premium of Rs 220 per share, it added.

The issue will open on March 15 and close on March 22, 2022.

Earlier in January this year, Wockhardt's board had approved raising of up to Rs 1,000 crore through a rights issue to its existing shareholders.

The objective of the issue is to meet financing needs of the company for repayment of subordinated debt, financing research and development initiatives and for general corporate purposes, it said.