Wockhardt stock locked in 5% upper circuit after Prashant Jain, Madhusudan Kela and others invest in 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 Wockhardt’s QIP.

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Shares of Wockhardt were locked in the 5 percent upper circuit at Rs 557.85 apiece on the NSE on March 27 after funds owned or managed by ace investors Madhusudan 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 it approved the issuance of 92.85 lakh equity shares at an issue price of Rs 517 per share, which offers a 5 percent discount to the QIP floor price of Rs 544.02 per share.

Former HDFC Mutual Fund veteran Prashant Jain managed 3P India Equity and Madhusudan Kela’s Cohesion MK Best Ideas were among institutions that were allotted 5 percent or more of the QIP.

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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.

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

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