Wockhardt Limited has submitted its Monitoring Agency Report, issued by CRISIL Ratings, confirming the utilization of proceeds from the Qualified Institutions Placement (QIP) for the quarter ended December 31, 2025. The company affirms that there has been no deviation from the stated objects outlined in the Placement Document dated November 11, 2024. Total proceeds monitored amounted to Rs 977.79 crores, with Rs 26.60 crores utilized during the reported quarter.
Monitoring Agency Report Submission for QIP Proceeds
Wockhardt Limited formally submitted the Monitoring Agency Report for the quarter ending December 31, 2025, concerning the utilization of funds raised via Qualified Institutional Placement (QIP). The report, prepared by CRISIL Ratings Limited, confirms compliance with the utilization plan detailed in the Offer Document.
Key Finding: No Deviation
The management explicitly confirms that there has been no deviation in the utilization of the Issue proceeds from the objects specified in the Placement Document dated November 11, 2024. The monitoring agency’s review found that all utilization aligns with disclosures.
Details of QIP and Proceeds
The QIP, conducted between November 06, 2024, and November 11, 2024, involved the issuance of Equity Shares. The Gross proceeds amounted to Rs 1,000.00 crores, resulting in Net proceeds of Rs 977.79 crores, which are subject to monitoring. A note indicates that net proceeds were revised upward from Rs 973.97 crores due to lower-than-estimated issue expenses.
Objects of Utilization
The primary objects for which the proceeds were raised include:
- Repayment/Pre-payment of Borrowings: Estimated at Rs 500.00 crores.
- Funding of Capital Expenditure, R&D, and Incidental Expenses: Totaling Rs 250.00 crores.
- General Corporate Purposes: Accounting for the remainder, totaling Rs 227.79 crores (revised to Rs 227.79 crores based on final adjustments).
Utilization During the Quarter
The report details the usage of funds during the quarter ended December 31, 2025. A total of Rs 26.60 crores was utilized across the stated objects:
- Repayment of Borrowings utilized Rs 3.28 crores.
- Capital Expenditure/R&D utilized Rs 20.37 crores.
- General Corporate Purposes utilized Rs 2.95 crores, specifically noted for vendor payments.
The Total utilized amount as of the end of the quarter reached Rs 767.29 crores, leaving an unutilized amount of Rs 210.50 crores.
Deployment of Unutilized Funds
Unutilized funds totaling Rs 210.50 crores were deployed primarily in short-term instruments as of December 31, 2025, yielding Rs 13.09 crores in earnings. The largest deployment was in Tata Mutual Fund (Rs 110.89 crores).
The monitoring agency confirmed that there were No Comments or reasons for idle funds noted, and the Company confirmed No changes to the means of finance for the disclosed objects.
Source: BSE
