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

16 Mar 2006

1

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.

Business History Videos

History of hovercraft Part 3 | Industry study | Business History

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2 | Industry study | Business History

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1 | Industry study | Business History

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | Industry study | Business History

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more
View details about the software product Informachine News Trackers