Wock­hardt Q2 net loss widens to ~230 mn

Business Standard - - FRONT PAGE -

Wock­hardt re­ported widen­ing of its con­sol­i­dated net loss at ~230 mil­lion for the sec­ond quar­ter ended Septem­ber 30. The com­pany, which plans to raise up to ~18 bil­lion through pri­vate place­ment of non­con­vert­ible debentures, had re­ported a con­sol­i­dated net loss of ~30 mil­lion in the same quar­ter of the pre­vi­ous fi­nan­cial year.

Pharmaceutical ma­jor Wock­hardt on Satur­day re­ported widen­ing of its con­sol­i­dated net loss at ~230 mil­lion for the sec­ond quar­ter ended Septem­ber 30.

The com­pany, which plans to raise up to ~18 bil­lion through pri­vate place­ment of non-con­vert­ible debentures, had re­ported a con­sol­i­dated net loss of ~30 mil­lion in the same quar­ter of the pre­vi­ous fiscal year, Wock­hardt said in reg­u­la­tory fil­ings. Sales dur­ing the quar­ter un­der re­view stood at ~11.25 bil­lion. It was at ~10.22 bil­lion in the year-ago pe­riod, it added. The firm said its to­tal ex­penses dur­ing the quar­ter were higher at ~11.63 bil­lion as against ~11.04 bil­lion in the cor­re­spond­ing pe­riod last fiscal year.

The board of directors in its meet­ing held on Satur­day ap­proved rais­ing of funds through is­suance of non-con­vert­ible debentures or bonds on pri­vate place­ment ba­sis up to an ag­gre­gate amount not ex­ceed­ing ~18 bil­lion.

Wock­hardt added its board has also ap­proved is­suance of non-con­vert­ible non-cu­mu­la­tive re­deemable pref­er­ence shares of face value of ~5 ag­gre­gat­ing up to ~5 bil­lion on pref­er­en­tial ba­sis to mem­bers of the pro­moter group, for which share­holder nod would be taken through postal bal­lot.

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