Debt-ridden Wockhardt today said it has received shareholders’ approval for selling its animal healthcare business to France-based Vetoquinol SA.
"Hence, the ordinary resolution… Dispose off the Animal Healthcare Business of the company to a wholly-owned subsidiary of Vetoquinol SA has been passed with the requisite majority," Wockhardt said in filing to Bombay Stock Exchange.
Earlier, the company has entered into an agreement with Vetoquinol to divest the animal health division for around Rs 170 crore, as a part of its strategy to sell its non-core business to reduce debt and the deal is expected to close by the end of 2009.
It had sought the approval of shareholders through postal ballot and had appointed Virendra Bhatt, practicing company secretary as scrutiniser for conducting the ballot.
Wockhardt had a debt of over Rs 3,700 crore and recently got corporate debt restructuring cleared from bankers.
Source: Business-Standard