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| Wockhardt shareholders approve sale of two biz for Rs 281.6 cr |
| Press Trust of India / Mumbai Sep 10, 2009, 21:42 IST |
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Drug maker Wockhardt today said its shareholders have approved sale of Mother and Child Care and Nutriuno businesses to Abbott Healthcare for Rs 281.6 crore.
The shareholders passed a resolution to this effect with requisite majority through the recently conducted postal ballot, Wockhardt said in a regulatory filing with the Bombay Stock Exchange.
Wockhardt, headed by Habil Khorakiwala, has been undergoing a corporate debt restructuring (CDR) process for which the promoters need to raise funds.
The pharma company had recently signed a Rs 909 crore deal with hospital chain Fortis Healthcare to sell its 10 hospitals.
The sale is part of the troubled pharma company’s attempt to raise funds to repay debts totalling Rs 3,400 crore.
The company’s promoters, the Khorakiwala family, recently sold its German subsidiary Esparma for Rs 120 crore and animal healthcare business for Rs 170 crore.
Shares of the company closed at Rs 161.10 on BSE, up 1.23 per cent from the previous close.
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