Drug firm Wockhardt has received shareholders' nod to raise up to Rs 1,200 crore through issuance of NCDs on private placement basis.
The company had sought approval from the stakeholders' for issuance of non convertible debentures (NCDs) up to Rs 1,200 crore on private placement basis in one or more tranches, Wockhardt said in a filing to BSE.
"Consent of the company...Is hereby accorded to the Board of Directors...To offer, issue and allot secured/unsecured redeemable non-convertible debentures (NCDs) on a private placement basis in one or more series/tranches, up to an aggregate amount not exceeding Rs 1,200 crore," the resolution said.
The resolution was passed with requisite majority, Wockhardt said.
The AGM of the company was held on August 13, 2016, it added.
In an earlier filing to the bourses in July this year, the company had said that it will utilise the money to re-pay or pre-pay term loan availed by it and for general corporate purposes.
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