Wockhardt on Thursday said its board has approved a proposal to raise Rs 1,000 crore through a rights issue.

The pharma company said it would use the proceeds to repay debt and finance research and development activities, among other uses.

The board has authorised the capital raising committee to decide on the terms and conditions of the issue.

This includes the rights entitlement ratio, the issue price, record date, timing of the issue and other related matters.

On Thursday, shares of the firm ended with modest gains of 0.45 per cent at Rs 438.40 in the BSE

The company has a market capitalisation of Rs 4,878 crore.

According to the shareholding pattern available for the quarter ended September 30, 2021, around 68.04 per cent were held by the promoters, while the rest were held by the public.

The company had reported an over 11-fold rise in its consolidated net profit to Rs 37.17 crore for the quarter ended September 30, 2021.

It had posted a net profit of Rs 3.29 crore for the same period of the previous fiscal.

On the other hand, the consolidated revenues of the company came in at Rs 862 crore against Rs 714.05 crore in the year-ago period.

The period saw its UK business grwing 66 per cent over the previous corresponding quarter and stood at Rs 387 crore.

UK unit

The UK contributed about 45 per cent to the global revenues of the comany.

Similarly, the Indian business stood at Rs 187 crore and it registered a growth of 47 per cent. It contributed 22 per cent to the global revenue.