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RBI tightens priority sector lending rules
In view of banks classifying even short-term loans to housing finance companies (HFCs) as priority sector lending, the Reserve bank of India (RBI) has moved to end this practice.

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International Business

Wockhardt shareholders nod selling animal healthcare biz

Debt-ridden Wockhardt today said it has received shareholders" approval for selling its animal healthcare business to France-based Vetoquinol SA. - Insulin prices may come down by 70% - Wockhardt drops on Q2 net dip - Wockhardt Q2 net loss at Rs 190 cr - Wockhardt to sell entire nutrition biz to Abbott - Wockhardt sells nutrition biz to Abbot - Wockhardt"s two promoters revoke 53 lakh shares "Hence, the ordinary resolution... Dispose off the Animal Healthcare Business of the company to a wholly-owned subsidiary of Vetoquinol SA has been passed with the requisite majority," Wockhardt said in filing to Bombay Stock Exchange. Earlier, the company has entered into an agreement with Vetoquinol to divest the animal health division for around Rs 170 crore, as a part of its strategy to sell its non-core business to reduce debt and the deal is expected to close by the end of 2009. It had sought the approval of shareholders through postal ballot and had appointed Virendra Bhatt, practicing company secretary as scrutiniser for conducting the ballot. Wockhardt had a debt of over Rs 3,700 crore and recently got corporate debt restructuring cleared from bankers.


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