Wockhardt gets nod to raise $800 m

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Our Bureau

Mumbai, March 16

Wockhardt has received shareholders' nod to raise up to $800 million (Rs 3,700 crore) to fund overseas acquisitions through an issue of equity-related securities. At an EGM, the shareholders also authorised the company to increase the FII cap to 49 per cent.Europe has overtaken India as Wockhardt's largest market, while the US has become the company's fastest growing market. The shareholders also approved the appointment of Mr Huzaifa Khorakiwala and Dr Murtaza Khorakiwala as Executive Directors.

(This article was published in the Business Line print edition dated March 17, 2006)
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