Wockhardt looking to raise Rs 1,200 cr via NCDs to repay debt
The company said it will utilise the money to re-pay or pre-pay term loan availed by it and for general corporate purposes
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.
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.
The agreement will help UK address a key challenge in supply that vaccine makers are likely to face — shortage of vials to rapidly 'fill and finish' tens of thousands of vaccine doses.
Drug firm Wockhardt said it has received approval from American health regulator to market Lansoprazole, a drug used in treatment of ulcers, in the US market.