Wockhardt to raise USD 800 mn to fund overseas acquisitions

Mumbai, Mar 16 (UNI) Pharma major Wockhardt Ltd will raise USD 800 million in one or more tranches to fund its overseas acquisitions through an issue of equity-related securities.

Having received its shareholders' approval for the same, Wockhardt informed the BSE that it has also received authorisation from its shareholders to increase the FII holding in the company to 49 per cent.

''Wockhardt's ability to create value through acquisitions is well known,'' said its chairman Habil Khorakiwala, adding ''these approvals reaffirm our shareholder's confidence in our expertise and empower us to seize global opportunities quickly.'' Europe has now become Wockhardt's largest market having overtaken India, while the US has become the company's fastest growing market.

The company also informed the BSE that its shareholders have approved the appointment of Huzaifa Khorakiwala and Dr Murtaza Khorakiwala as executive directors of the company.

Huzaifa Khorakiwala heads the company's global animal healthcare business and corporate administration, while Dr Murtaza Khorakiwala, is in-charge of global bio-tech and API (active pharmaceutical ingredients) businesses.

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