Wockhardt to raise 800 m USD to fund overseas acquisitions

Bangalore, Mar 16 (UNI) Pharmaceutical and biotechnology major Wockhardt Limited today got the shareholders approval to raise up to 800 million US Dollars (Rs 3,700 crore) in one or more trenches to fund overseas acquisitions through issue of equity-related securities.

An Extraordinary General Meeting of shareholders also authorised Wockhardt to increase the Foreign Institutional Investment (FII) cap in the company to 49 per cent, a company release here said.

''Wockhardt's ability to create value through acquisitions is well known. These approvals reaffirm our shareholder's confidence in our expertise and empower us to seize global opportunities quickly,'' Wockhardt Chairman Habil Khorakiwala said.

The shareholders also approved the appointment of Mr Huzaifa Khorakiwala and Dr Murtaza Khorakiwala as Executive Directors of the company. They have been handling various responsibilities in the group for the past eight years, the release said.

Europe had overtaken India as Wockhardt's largest market, while the US had become the company's fastest growing market, it added.

UNI GD RKN2012