Wockhardt to merge subsidiary's nutrition biz with itself

NEW DELHI: Drug firm Wockhardt today said its board has approved the proposed merger of the nutrition business of Vinton Healthcare Ltd, its wholly-owned subsidiary, with itself.

In the company's board meeting held today, it has considered and approved a scheme of arrangement in the nature of demerger of the nutrition business of Vinton Healthcare Limited into Wockhardt Limited with effect from the appointed date i.e. January 1, 2011, Wockhardt Limited said in a filing to the Bombay Stock Exchange (BSE).

"As Vinton Healthcare Limited is a wholly-owned subsidiary of the company, no shares would be issued by the company pursuant to the aforesaid scheme of demerger," it added.

The scheme of the demerger shall be subject to approval of shareholders of Vinton Healthcare Limited, court and requisite approvals of the statutory and regulatory authorities may be required for the implementation of the scheme, it said.

Shares of Wockhardt today closed at Rs 351.10 on BSE, up 4.76 per cent from its previous close.