Wockhardt to raise up to $800 million to fund overseas acquisitions

Mumbai: Pharmaceutical and biotechnology major Wockhardt Limited today received shareholders approval to raise up to $800 million (Rs3,700 crore), in one or more trenches, to fund overseas acquisitions through an issue of equity-related securities.

An extraordinary general meeting (EGM) of shareholders also authorised Wockhardt to increase the Foreign Institutional Investment (FII) cap in the company to 49 per cent.

"Wockhardt's ability to create value through acquisitions is well known," said Wockhardt chairman Habil Khorakiwala. "These approvals reaffirm our shareholder''s confidence in our expertise and empower us to seize global opportunities quickly."

Europe has overtaken India as Wockhardt's largest market, while the US has become its fastest growing market.