Wockhardt shareholders approve bonus, share split and dividend

Mumbai, April 23, 2004

Shareholders of pharmaceutical major Wockhardt Limited have approved an issue of bonus shares, enhanced divided and stock split at the company’s Annual General Meeting (AGM) held in Mumbai on April 22, 2004.

Wockhardt’s board had proposed an issue of bonus shares on the basis of one new share for every two existing shares and an enhanced 75% dividend, in February. It also recommended splitting the face value of shares from Rs. 10 to Rs. 5, subject to the approval of shareholders.

“I am gratified with the shareholders’ response to the board’s proposals aimed at enhancing shareholder value,” Wockhardt chairman Mr. Habil Khorakiwala said. “The bonus and share split will especially benefit retail shareholders and help enlarge our shareholder base.”

Earlier this week, Wockhardt announced its decision to establish a sales and marketing subsidiary in the US aimed at achieving exponential growth in the world’s largest pharmaceutical market in the next few years.

Wockhardt Limited is a Rs. 1,000-crore, research and technology-based pharmaceutical company and a front-runner in biotechnology. Wockhardt has an active multi-disciplinary R&D programme employing over 350 scientists. It has three successful biotechnology products in the market - Biovac B (Hepatitis vaccine), Wepox (recombinant erythropoietin) and Wosulin (recombinant insulin).