Wockhardt seeks shareholders' nod to raise Rs1,200 cr via NCDs
14 July 2016
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.