Wockhardt board endorses European listing of its Swiss arm

Drug maker Wockhardt today said its board has endorsed the decision of its Switzerland-based arm Wockhardt Bio AG to undertake a European listing.

"In order to meet long term aspirations of the company and its group, the Board of Directors of Wockhardt Ltd have endorsed the decision of the Board of Wockhardt Bio AG, Switzerland, to undertake a European Listing with a relatively modest dilution of approximately 5% of shareholding of Wockhardt Bio AG, Switzerland," Wockhardt Ltd said in a filing to BSE.

"Wockhardt Ltd is a global pharmaceutical and biotechnology major and has a business of over 75% outside India. The holding company, for undertaking this is primarily Wockhardt Bio AG, Switzerland," it added.

Shares of Wockhardt Ltd today closed at Rs 473.10 per scrip on BSE, down 3.15% from its previous close.