Business Standard

Wockhardt up 2.42%

DALAL STREET SPIKES

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The stock gained 2.42 per cent to Rs 175.55 after the company and its Singapore-based lender reached an out-of-court settlement ending their battle over repayment of Rs 44 crore working 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.

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