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Wockhardt seeks shareholders’ nod to raise up to Rs 1,000 crore

LiveMint logoLiveMint 08-05-2017 PTI

Mumbai: Drug firm Wockhardt is seeking shareholders’ nod to raise up to Rs 1,000 crore via issue of securities.

It is seeking the approval via a postal ballot for raising additional capital by way of one or more public or private offerings including through a qualified institutions placement (QIP) for an amount not exceeding Rs 1,000 crore, Wockhardt said in a regulatory filing.

The shareholders can approve the resolution through e-voting or physical postal ballot form, it added. The voting period for the company’s shareholders begins on 10 May and ends on 8 June.

The Mumbai-based firm, however, did not state the reasons for raising the capital.

Wockhardt has three research centres and 12 manufacturing plants, with businesses ranging from the making and marketing of pharmaceuticals, active pharmaceutical ingredients (APIs) and vaccines.

Shares of the company were trading 0.96% down at Rs 678.45 on BSE.

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