Wockhardt board approves plan to raise Rs 150 crore via securities

Drug firm Wockhardt on Friday said its board has approved plans to raise up to Rs 150 crore by issuing securities on a private placement basis.

The credit facilities committee of the board at its meeting held on May 21 has approved the raising of funds up to Rs 150 crore through issuance of rated/unrated, listed/unlisted, secured/unsecured non-convertible debentures on a private placement basis, in one or more tranches, the company said in a regulatory filing.

The Mumbai-based drug maker, however, did not share details as to where it plans to utilise the capital.