Pharmaceuticals firm Wockhardt Ltd on Thursday said its board has approved a proposal to raise up to Rs 1,000 crore through a rights issue.
The objective of the issue is to meet the company's financing needs for repayment of subordinated debt due, financing research and development initiatives and general corporate purposes, among others, permitted by law, Wockhardt Ltd said in a regulatory filing.
The board of directors in its meeting held on Thursday considered and approved the issue of equity shares by way of a rights issue to the existing shareholders of the company for an amount not exceeding Rs 1,000 crore, it added.
Wockhardt further said its board has also authorised the Capital Raising Committee to decide on the terms and conditions of the issue, including the rights entitlement ratio, the issue price, record date, timing of the issue and other related matters.
