Wockhardt gets EGM nod to raise Rs 3,700 cr

Wockhardt shareholders today approved the company's plans to raise Rs 3,700 crore at an extraordinary general meeting (EGM) of the company.

Wockhardt will raise the amount to fund overseas acquisitions through an issue of equity-related securities.

The shareholders also authorised the company to increase the investment limit of foreign institutional investors in Wockhardt to 49 per cent.

"These approvals reaffirm our shareholder's confidence in our expertise and empower us to seize global opportunities quickly," said Wockhardt Chairman Habil Khorakiwala.

Europe has overtaken India as the company's largest market, while the US has become the company's fastest growing market.

Shareholders also approved the appointment of Huzaifa Khorakiwala and Murtaza Khorakiwala as executive directors of the company. They have been handling various responsibilities in the group for the past eight years.

Huzaifa Khorakiwala is leading the global animal healthcare business and corporate administration. Murtaza Khorakiwala is in charge of global biotech and API (active pharmaceutical ingredients) businesses.