Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 173A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed Monitoring Agency Reports towards utilization of proceeds of Qualified Institutions Placements ( QIPs ) for the quarter ended 31st March, 2025, issued by CRISIL Ratings Limited, duly reviewed and taken on record by the Board of Directors & Audit Committee of the Company.
WOCKPHARMA · price
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Awaiting price reaction for this filing.
Wockhardt has filed CRISIL Monitoring Agency Reports for two QIPs. The first QIP of Rs 480.04 crore (March 2024) is fully utilised with no deviation — Rs 110 crore went to debt repayment, Rs 210 crore to clinical trials and R&D, Rs 115 crore to working capital, and Rs 30.51 crore to general corporate purposes. This is the final monitoring report for that QIP. The second QIP of approximately Rs 1,000 crore (November 2024) shows only Rs 544.31 crore deployed out of Rs 973.97 crore net proceeds as of March 31, 2025, with Rs 429.66 crore still parked in mutual funds and bank fixed deposits. Delays are noted across all three objects — debt repayment (Rs 83.69 crore unspent), capex/R&D (Rs 234.73 crore unspent), and general corporate purposes (Rs 111.24 crore unspent) — which the company says will be completed in fiscal 2026 due to ongoing lender negotiations and vendor evaluations.
Full and on-track deployment of the older QIP is a positive governance signal, but the large unutilised balance (~44% of the newer QIP still parked in liquid funds) and the acknowledged delays in debt repayment, R&D, and capex spending may draw investor scrutiny on deployment efficiency. The delay itself is not unusual but worth tracking in upcoming quarters.