Wockhardt shares hit 5% upper circuit after Prashant Jain, Madhusudan Kela and others invest in QIP

The drug manufacturer's capital raising committee approved and determined the allocation of 92.85 lakh shares at an issue price of Rs 517 per share, which includes a discount of Rs 27.02, or 4.97%, to the floor price of Rs 544.02 per share.

3P India Equity Fund, managed by Prashant Jain, and Madhusudan Kela's Cohesion MK Best Ideas sub-trust are among those funds that have received 5% or more shares in the QIP.

Also, ICICI Prudential, Mirae Asset Management, Tata Indian Opportunities Fund, Invesco India Small Cap Fund, Gagandeep Credit Capital, and Subhkam Ventures are some of the other funds that have been issued shares within the QIP.

The QIP of shares was open from March 20 to March 26.

After the QIP, the paid-up equity share capital of will increase to Rs 76.7 crore, comprising 15.34 crore equity shares of face value of Rs 5 each from Rs 72.05 crore consisting of Rs 14.41 crore shares of face value of Rs 5 each.

Technically, the stock's day RSI (14) is at 47.9. The RSI below 30 is considered oversold and above 70 is overbought, Trendlyne data showed. MACD is at 10.7, which is above its center line, but below the signal line. Wockhardt stock stood higher than the 5-day, 10-day, 30-day, 50-day, 100-day, 150-day and 200-day moving averages.

Wockhardt is engaged in manufacturing and marketing pharmaceutical and bio-pharmaceutical formulations, active pharmaceutical ingredients (APIs), and vaccines. The company is a small-cap pharma firm commanding a market cap of Rs 8,009 crore. Its PE currently stands at -13.23.

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