Trilegal And Saraf And Partners Advised Wockhardt On ₹4,800 Million QIP

Trilegal And Saraf And Partners Advised Wockhardt On ₹4,800 Million QIP

Trilegal and Saraf and Partners acted on the Qualified Institutions Placement (QIP) of equity shares valued INR 4,800 million by Wockhardt Limited (Wockhardt). While Trilegal advised Wockhardt, Saraf and Partners advised DAM Capital Advisors Limited who acted as the placement agent on the QIP. Wockhardt is a prominent research-based pharmaceutical company based in India which maintains a global presence, operating in approximately 45 countries and managing 12 manufacturing facilities.

The successful QIP enables Wockhardt to raise Rs. 480 crore, with the approval of the capital raising committee for the issue and allotment of 92,85,163 equity shares to eligible Qualified Institutional Buyers (QIBs). These shares were allotted at an issue price of Rs. 517 each, constituting a 5% discount to the QIP floor price of Rs. 544.02 per share. The subscription window for the QIP remained open from March 20 to March 26, garnering significant interest from investors.

The proceeds generated from the QIP will be strategically allocated, including towards the repayment of borrowings and the funding of pivotal clinical trials and research and development activities focused on pioneering antibiotics targeting resistant organisms.

DAM Capital Advisors Limited, the placement agent for the QIP, successfully attracted participation from esteemed investors such as ICICI Prudential, Tata Indian Opportunities Fund, HDFC Mutual Fund, and Societe Generale.

The Capital Markets Partner Richa Choudhary, Trilegal, and Murtaza Zoomkawala, Saraf and Partners, played a crucial role in ensuring the successful execution of Wockhardt’s QIP. The deal team from Trilegal comprised lawyers Avant Kale, Counsel; Maitreya Rajurkar, Senior Associate; Sanya Chaudhari, Pooja Tada, and Archit Jain, Associates; and lawyers Shubha Samani, Senior Associate; Rainika Malhotra, Avinash Gautam, and Yashvardhan Singh, Associates, from Saraf and Partners. Their expertise and guidance significantly contributed to the accomplishment of this transaction.

The collaboration of the law firms, Trilegal and Saraf and Partners, on Wockhardt’s QIP underscores their commitment to delivering exceptional legal services and facilitating strategic transactions in the corporate landscape. The successful execution of the QIP reflects not only Wockhardt’s growth trajectory but also the lawyers’ expertise in navigating complex legal matters.