Wockhardt to acquire 100 per cent stake in Wockhardt France
DSIJ Intelligence / 11 Nov 2016
Wockhardt Ltd., has informed BSE that the board of directors of the company, at their meeting held on November 10, 2016, have approved the acquisition of 100 per cent stake in Wockhardt France (Holdings) S.A.S. (‘WFH’) (an existing step-down subsidiary of the Company) from Wockhardt Bio AG (‘WBG’), a subsidiary of the company.
Wockhardt Ltd., has informed BSE that the board of directors of the company, at their meeting held on November 10, 2016, have approved the acquisition of 100 per cent stake in Wockhardt France (Holdings) S.A.S. (‘WFH’) (an existing step-down subsidiary of the Company) from Wockhardt Bio AG (‘WBG’), a subsidiary of the company. By the said acquisition, WFH shall become a direct wholly owned subsidiary of the company. On the other hand, WBG continues to be a direct subsidiary of the company.
The company has come out with its Q2FY17 results. Its net revenue for the quarter has declined 13.4 per cent to Rs 1064.7 crores. EBITDA has declined further by 49.9 per cent to Rs 99.51 crores. Moreover, net profit has dropped sharply by 81.6 per cent YoY to Rs 17.02 crores. This was partially because of 86.4 per cent YoY rise in finance costs.
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