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

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

PTI| Last Updated: May 08, 2017, 13:32 PM IST
Wockhardt seeks shareholders' nod to raise up to Rs 1,000 crore

New Delhi: 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 May 10 and ends on June 8.

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 percent down at Rs 678.45 on BSE.