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The Khorakiwala family, which owns a majority stake in pharmaceutical company Wockhardt, is planning to delist a lesser known group company, Carol Info Services. This may be a precursor to a restructuring, which could include a second attempt at selling its nutrition products business or even dispose some properties owned by Carol. The company has a market capitalisation of Rs 460 crore, with the promoter shareholding at 63.7%.
Continue ReadingPharmaceutical company Wockhardt Ltd is seeking shareholder approval through a postal ballot process to continue to restructure its debt, in according with a corporate debt restructuring package. The company had suffered sizeable derivative-related losses when the global financial crisis hit companies. It also had substantial debt taken for overseas acquisitions.
Continue ReadingDebt-laden pharmaceutical company Wockhardt continued its asset selling spree, handing over its nutritional foods business to Abbott. The US pharmaceutical company will pay $130mn or Rs 627 crore, for the business which will be distributed between Wockhardt, Carol Info Services, some subsidiaries of Wockhardt and associate companies.
Continue ReadingWockhardt has announced that the corporate debt restructuring cell (CDR) has approved the corporate debt restructuring package on June 30, 2009. The company has accepted the CDR package which involves restructuring of debt, release of working capital and fresh priority debt pending divestment of non-core businesses.
When Wockhardt decided to sell its animal health business, it expected to get about Rs 150 crore for it. When the business was actually sold, to a French company Vetoquinol, the consideration remained undisclosed. So, if it met its target or fell short of it since exceeding it seems unlikely. The pharmaceutical company is selling non-core businesses in a bid to raise cash and lower its bloated debt.
Vetoquinol and what it gets
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