Wockhardt seeks shareholders' nod to raise Rs1,200 cr via NCDs

Drug maker Wockhardt Ltd has sought shareholders' approval for raising up to Rs1,200 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

Wockhardt said it will utilise the money to re-pay or pre-pay term loan availed by it and for general corporate purposes.

''In order to re-pay/pre-pay term loan availed by the company and for general corporate purposes it is proposed to issue secured or un-secured, redeemable, NCDs on private placement basis for an amount not exceeding Rs.1,200 crore, in one or more tranches,'' the company said in a notice to shareholders.

''Consent of the company... is hereby accorded to the Board of Directors... to offer, issue and allot secured/unsecured redeemable non-convertible debentures (NCDs) on a private placement basis in one or more series/tranches, up to an amount not exceeding Rs1,200 crore,'' Wockhardt said in a notice for AGM.

Wockhardt's AGM is scheduled to be held on 13 August.

The stock of Wockhardt traded up 0.53 per cent at Rs955.75 on the BSE.