Wockhardt revives the Indian FCCB market with a US $ 100 million issue

Mumbai, September 21, 2004

In a follow up of the decisions taken at the Board meeting held in the 2nd quarter of 2004, Wockhardt has launched its maiden Foreign Currency Convertible Bond issue of US $ 100 million with a Greenshoe option of US $ 10 million. However, this is subject to the final approval of the Shareholders.

This initiative by Wockhardt has re-ignited the FCCB market in India, which had taken a serious beating since the general elections in May this year.

The current issue is in the light of the Company’s earlier announcement of its intention to expand its reach in the European market by the acquisition route. The Company plans to utilize the proceeds of the issue to be ready with the desired funds at the opportune time.

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

Wockhardt Limited is one of India's premier, research and technology-based pharmaceutical company and a front-runner in biotechnology. Wockhardt has a wide global reach and over the past two years it has made two successful acquisitions in Europe and established its own Sales and marketing Organization in the US. More than 60% of Wockhardt’s sales come from international markets.