Debt-ridden drug firm Wockhardt today said its promoters had pledged 67 million shares, representing 61.87 per cent holding in the company.
The company, however, did not disclose to whom the shares had been pledged or the reason behind it.
In a filing to the Bombay Stock Exchange, the Mumbai-headquartered drug major said its promoter firm, Khorakiwala Holdings and Investments Private Ltd, on June 7, had pledged 62.9 million shares, representing a holding of around 61.47 per cent in the company.
In addition, Wockhardt Chairman H F Khorakiwala has also pledged his entire holding of 442,000 shares, representing around a 0.4 per cent stake in the company.
The shares pledged by both parties account for a 61.87 per cent stake in the company, the filing said.
Wockhardt, which had reported a net loss of over Rs 565 crore in the fourth quarter ended March 31, is currently undergoing a corporate debt restructuring process.
It has been burdened with debt of more than Rs 3,700 crore for over the last one-and-a-half years and is in the process of selling its non-core business activities to repay the debt.
Its attempt to sell its nutritional business to Abbott Laboratories in a deal estimated at Rs 650 crore was terminated in April this year, eight months after an agreement was announced.
