CorporateWockhardt shareholders approve sale of two biz for Rs 281.6 cr
Drug maker Wockhardt today said its shareholders have approved sale of Mother and Child Care and Nutriuno businesses to Abbott Healthcare for Rs 281.6 crore.
- Reliance Capital to allot ESOPs worth Rs 100 cr - Bharat Forge seeks shareholders" nod to raise $150 mn - India Inc takes the sale route to beat crisis - Indiabulls Real to seek shareholders" nod for investment - Twice bitten, ready for more - Cipla to raise Rs 1,500 cr by issue of shares
The shareholders passed a resolution to this effect with requisite majority through the recently conducted postal ballot, Wockhardt said in a regulatory filing with the Bombay Stock Exchange.
Wockhardt, headed by Habil Khorakiwala, has been undergoing a corporate debt restructuring (CDR) process for which the promoters need to raise funds.
The pharma company had recently signed a Rs 909 crore deal with hospital chain Fortis Healthcare to sell its 10 hospitals.
The sale is part of the troubled pharma company’s attempt to raise funds to repay debts totalling Rs 3,400 crore.
The company’s promoters, the Khorakiwala family, recently sold its German subsidiary Esparma for Rs 120 crore and animal healthcare business for Rs 170 crore.
Shares of the company closed at Rs 161.10 on BSE, up 1.23 per cent from the previous close.