Wockhardt looking to raise Rs 1,200 cr via NCDs to repay debt

New Delhi: Drug firm Wockhardt Ltd has sought shareholders' approval for raising up to Rs 1,200 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

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

In a notice for AGM, Wockhardt said: "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 Rs 1,200 crore."

Elaborating, it said: "In order to re-pay/pre-pay term loan availed by the company and for general corporate purposes, it is proposed to issue secured/unsecured, redeemable, non-convertible debenture on private placement basis for an amount not exceeding Rs 1,200 crore in one or more tranches."

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