Wockhardt Limited has officially confirmed that there has been no deviation in the utilization of proceeds from its Qualified Institutions Placement (QIP) concerning the objects stated in the Placement Document dated November 11, 2024. This confirmation is provided as part of the Monitoring Agency Report for the quarter ended September 30, 2026, issued by CRISIL Ratings Limited. The company’s Board of Directors and Audit Committee have reviewed and taken this report on record, reinforcing transparency in fund deployment.
Wockhardt Limited Reports on QIP Fund Utilization
Wockhardt Limited has provided a crucial update regarding the utilization of funds raised through its Qualified Institutions Placement (QIP). In a filing dated November 2, 2026, the company confirmed that the deployment of these proceeds has strictly adhered to the objectives outlined in the Placement Document, which was dated November 11, 2024.
Monitoring Agency Report Confirms No Deviation
This confirmation is based on the Monitoring Agency Report for the quarter that concluded on September 30, 2026. The report, prepared by CRISIL Ratings Limited, was duly reviewed and taken on record by the Board of Directors and the Audit Committee of Wockhardt Limited. The key finding from the report is that there has been no deviation observed in the utilization of the QIP proceeds from the initially stated objects.
Details of the QIP and Monitoring
The monitoring of the QIP proceeds is undertaken in accordance with 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. The report specifically addresses the utilization of funds from the Qualified Institutions Placement, ensuring accountability and compliance for investors.
The Issuer Details section of the report indicates that the QIP was conducted between November 6, 2024, and November 11, 2024, with an issue size of Rs 1,000.00 crore (Gross Proceeds), resulting in net proceeds of Rs 977.79 crore. The report also highlights that the net proceeds were revised during the quarter ended June 30, 2025, due to lower-than-estimated actual issue expenses. These revised net proceeds of Rs 977.79 crore were adjusted with Object 3: General Corporate Purposes.
Object-Wise Utilization and Progress
The Monitoring Agency Report details the progress of the utilization of these funds across three main objects:
- Repayment and/or pre-payment of certain borrowings: Original cost of Rs 500.00 crore, revised cost of Rs 500.00 crore, with no revision. The utilization as of the quarter ended March 31, 2026, was fully utilized.
- Funding of capital expenditure, investment in research and development and incidental expenses: Original cost of Rs 250.00 crore, revised cost of Rs 250.00 crore, with no revision. As of the quarter ended September 30, 2026, Rs 165.53 crore had been utilized, leaving an unutilized amount of Rs 84.47 crore.
- General Corporate Purposes: Original cost of Rs 223.97 crore, revised cost of Rs 227.79 crore. This amount was fully utilized as of the quarter ended March 31, 2026.
The total gross proceeds amounted to Rs 1,000.00 crore, with total utilized proceeds of Rs 893.32 crore and total unutilized proceeds of Rs 84.47 crore as of September 30, 2026. The report indicates that funds for general corporate purposes are fully utilized, and there were no significant deviations in the cost of objects or delays in implementation for most categories, although there is a note regarding the flexibility in the timeline for capital expenditure utilization.
Source: BSE
