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Wockhardt

Wockhardt hit a fresh 52-week high of Rs 334.50, surging 19% on the BSE in Thursday's intra-day trade on the back of heavy volumes

Business Standard

Wockhardt chairman Habil Khorakiwala

Shareholders of Wockhardt have rejected a proposal to raise Rs 1,600 crore from a promoter entity, according to a regulatory filing.
The board of Mumbai-based drug firm had sought shareholder approval for a related party transaction with Khorakiwala Holdings and Investments Pvt Ltd (KHIPL) to raise up to Rs 1,600 crore for a period of five years.
KHIPL, a promoter entity, is an RBI registered NBFC.
About 50.12 per cent votes came in against the proposal while 49.87 per cent of the votes polled favoured the resolution, Wockhardt said in a regulatory filing.
In a note, proxy advisory firm IiAS said it had sought approval for the proposal but it was defeated.
"Wockhardt's resolution for a related party transaction with Khorakiwala Holdings and Investments Pvt Ltd (KHIPL) for an amount up to Rs 1,600 crore for a period of five years, was defeated," it noted.
IiAS said the proposed related party transaction with KHIPL was intended for borrowing of funds for an amount up to Rs 1,600 cr

Press Trust of India

Shareholders of pharma firm Wockhardt Ltd have rejected a resolution on a related party transaction that seeks to allow the company to raise up to Rs 1,600 crore from its promoter group firm Khorakiwala Holdings and Investments Pvt Ltd.
At the company's annual general meeting held on August 14, the company had put ten resolutions, including the adoption of audited financial statements and the re-appointment of Murtaza Khorakiwala as Managing Director, for approval by the shareholders, all of which were approved except the related party transaction.
All the resolutions mentioned in the notice of the 24th annual general meeting stand passed with the requisite majority except Resolution No 7 (approval of material related party transactions), which was not approved by the members, company secretary Virendra Bhatt said in the consolidated scrutiniser's report.
In a regulatory filing, Wockhardt said out of the total valid votes cast, 50.13 per cent was against the ordinary resolution for 

Pharma, Laboratory, Lab, Drugs, Testing

Pharmaceutical firm Wockhardt Ltd on Monday said its consolidated loss after tax widened to Rs 136 crore in the June quarter due to higher expenses.
The company had posted a consolidated loss after tax of Rs 75 crore in the year-ago period, Wockhardt Ltd said in a regulatory filing.
Consolidated revenue from operations stood at Rs 644 crore in the first quarter of the current fiscal as compared to Rs 595 crore a year ago, it added.
Total expenses were higher at Rs 762 crore as against Rs 748 crore in the corresponding quarter a year ago, the company said.

medicine, drug, antibiotic, doctor, pharmaceuticals

While global trials are on, doctors have started using one of company's antibiotics against superbugs to save lives

News

Stock of this small-cap pharma company has zoomed over 50% in last 3 weeks

Wockhardt shareholders reject proposal to raise Rs 1,600 cr from promotor

Wockhardt shareholders reject resolution on related party transaction

Wockhardt loss widens to Rs 136 cr in Q1 due to higher expenses

Wockhardt charting a recovery riding on a promising new antibiotic