DALAL STREET SPIKES
The stock gained 2.42 per cent to Rs 175.55 after the company and its Singapore-based lender DBS Bank reached an out-of-court settlement ending their battle over repayment of Rs 44 crore working capital loan taken in 2007.
The company will settle the loan at a 19 per cent discount, paying Rs 37 crore to DBS, according to the terms of the consent decree signed on Saturday. Last month, DBS had filed a winding-up petition in the Bombay High Court against Wockhardt, seeking an order to liquidate the company to recover dues.
Shares fall as much as 8%