 "Wockhardt gains on raising Rs 36cr from promoter group")
Shares of Wockhardt were up nearly 1.5% at Rs 800 on the Bombay Stock Exchange after the pharma major said it has raised Rs 36 crore from promoter group companies.
Promoter group company, Khorakiwala Holdings and Investments Pvt Ltd has acquired 43,233,260 Non-Convertible Cumulative Redeemable Preference Shares (‘NCCRPS’) and 18,528,540 Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS) of the Company for an amount aggregating to Rs. 9.26 crore and Rs. 26.75 crore, respectively, the company said in a release.
The ratio of conversion of OCCRPS into equity shares is dependent on the price to be calculated on the 'Relevant Date', which is future date, it is not possible to ascertain the number of equity shares to be allotted on conversion, the release added.
The stock opened at Rs 797 and touched a high of Rs 811. At 2:30pm, over 1.3 million shares were traded on both the stock exchanges.
