Wockhardt Ltd shares rose over 2% to Rs 348 on the BSE in Friday’s intra-day trade after the company informed the exchanges on March 3 that their rights offering will begin on March 15 and end on March 22 and the rights shares will be sold for Rs 225 per fully paid-up share. On the record date, eligible investors will get three shares for every ten shares owned.

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The company’s special committee of directors for the rights issue agreed at its meeting that up to 33.24 million shares will be issued as part of the rights issue.

The company has set March 9 as the record date for the issue’s rights entitlement.

The company would raise up to Rs 748 crore if all call payments are received and all rights equity shares are fully subscribed.

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Earlier in January, the company approved the issuing of equity shares worth up to Rs 1,000 crore through a rights issue.

The proceeds of the rights offer, according to the company, will be utilized to meet its funding needs for debt repayment, research and development initiatives, and general business purposes.

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Wockhardt recently reported their quarterly Net Loss at Rs. 6.78 crore in December 2021 down 144.49% from Rs. 15.24 crore in December 2020. The net sales jumped to Rs 853.89 crore in December 2021 up 11.76% from Rs. 764.02 crore in December 2020. EBITDA stands at Rs. 113.50 crore in December 2021 down 28.58% from Rs. 158.92 crore in December 2020.

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Wockhardt EPS has decreased to Rs. 0.61 in December 2021 from Rs. 1.38 in December 2020.

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Wockhardt is a global pharmaceutical and biotechnology organisation, providing affordable, high-quality medicines for a healthier world. It is India’s leading research-based global healthcare enterprise with relevance in the fields of Pharmaceuticals, Biotechnology and a chain of advanced Super Speciality Hospitals.