Wockhardt to raise up to Rs 150 cr via NCDs

The Credit Facilities Committee of the Board of Directors at its meeting held on Wednesday approved the raising of funds up to Rs 150 crore through issuance of rated, unlisted, secured non-convertible debentures (NCDs) on private placement basis in one or more tranches/series to eligible investors, Wockhardt Ltd said in a regulatory filing.

A total of 15,000 NCDs of Rs 1,00,000 each amounting up to Rs 150 crore are planned to be issued with a tenure of 24 to 36 months from the date of allotment, it added.

The company further said the redemption schedule will be three equal instalments commencing from the 24th month.

The NCDs will be secured by way of charge over the fixed assets of the company and/or any other securities/assets as per term sheet.