Pharma and biotech major Wockhardt today said it would raise funds up to Rs 500 crore through issuing redeemable preference shares.
The funds would be raise for redemption of its foreign currency convertible bonds. It will also be used for general corporate purpose, the company said in a statement here.
The decision was taken at an Extraordinary General Meeting (EGM) held today and duly ratified by the shareholders, the statement said.
The EGM also gave its approval to increase the existing authorised share capital of the company from Rs 125 crore to Rs 175 crore by creating 10 crore preference shares of Rs 5 each, it said.
