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Our Bureau

Mumbai , Sept. 21

WOCKHARDT Ltd will be going in for a $100 m foreign currency convertible bond (FCCB) issue with a greenshoe option of $10 million. However, this is subject to the final approval of the shareholders, said a company press release.

Wockhardt will utilise the funds for overseas expansion. It had earlier announced its intention to acquire a company in Europe. Wockhardt has made two acquisitions in Europe and established its own sales and marketing organisation in the US. More than 60 per cent of Wockhardt's sales come from international markets, the company said.

The proposed issue is for a zero coupon, with a 50 per cent premium, five-year paper with a yield of 5.25 per cent compounded semi-annually.

More Stories on : Overseas Borrowings | Pharmaceuticals

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