MUMBAI: Shareholders of Wockhardt have rejected a proposal to raise Rs 1,600 crore from a promoter entity, according to a regulatory filing.
The board of the Mumbai-based drug firm had sought shareholder approval for a related party transaction with Khorakiwala Holdings and Investments (KHIPL) to raise up to Rs 1,600 crore for a period of five years. KHIPL, a promoter entity, is an RBI-registered NBFC.
About 50.12% votes came in against the proposal while 49.87% votes polled in favour of the resolution, Wockhardt said in a regulatory filing.
In a note, proxy advisory firm IiAS said it had sought approval for the proposal but it was defeated. “Wockhardt’s resolution for a related party transaction with KHIPL for an amount up to Rs 1,600 crore for a period of five years, was defeated,” it noted.