Date:17/03/2006 URL: http://www.thehindu.com/2006/03/17/stories/2006031702731602.htm

Business - Briefly

Wockhardt to raise $800 million

CHENNAI: Pharmaceutical and biotechnology major Wockhardt received shareholders' approval to raise up to $800 million (Rs. 3,700 crore), in one or more tranches, to fund overseas acquisitions through an issue of equity-related securities. An extraordinary general meeting of shareholders also authorised Wockhardt to increase the foreign institutional investment (FII) cap in the company to 49 per cent. The shareholders also approved the appointment of Huzaifa Khorakiwala and Dr. Murtaza Khorakiwala as executive directors of the company.