Pharma and biotech major Wockhardt has announced on Monday that it would raise funds up to Rs 500 crore through issuing reformable preference shares.
The authority declares that they would raise the funds for redemption of its foreign currency convertible bonds as well as for general corporate purpose.
As the statement revealed, the decision was taken at an Extraordinary General Meeting (EGM) held on January 19, duly sanctioned by the shareholders.
The statement also added that the EGM approved 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.
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