Wockhardt convertible bond trustees withdraw winding-up petition

Trustees to the foreign currency convertible bonds of Wockhardt withdrew their winding-up petition against the company in the Bombay High Court, according to a stock exchange announcement by the pharma major.

Habil Khorakiwala, chairman of the company, told NDTV last week that the company is “currently sitting on a cash pile of Rs. 2,000 crore”, and that it wants to “repay the obligation and exit CDR (corporate debt restructuring)”.

Wockhardt was unable to pay dividends this year because it has yet to exit CDR, the chairman said, adding that it expects dividend payouts next year.

Shares of the company have surged nearly 350 per cent to hit record highs till this year. This has lifted its market value to $2.45 billion.

The stock closed at Rs 1,195.25, down 3.56 per cent, on the Bombay Stock Exchange today.