Wockhardt won't sell head-office in Mumbai: Director

MUMBAI: Pharma major, Wockhardt on Friday said that it was looking at raising funds and was evaluating various options but selling its head-office, Wockhardt Towers, located in the metropolis was not one of them.

"We are raising funds through other means and not through selling Wockhardt Towers," Wockhardt's Executive Director, Huzaifa Khorakiwala, told reporters here. He, however, declined to divulge the means of fund-raising.

Recently, there was a media report stating that Wockhardt Towers had been put up for sale by the company and that it had called several property consultants for the purpose.

Earlier this week, the company postponed the announcement of its results for the year-ended December 31, 2008, as the statutory audit could not be completed because of restructuring of certain of its businesses and subsidiaries.

In a major top management rejig, the company's Chairman and Managing Director, Habil Khorakiwala, stepped down as Managing Director.

The company's Board has nominated Khorakiwala's second son, Murtaza, as the new Managing Director.

Wockhardt has approached the corporate debt restructuring (CDR) cell of ICICI Bank for CDR because of "adverse market conditions, liquidity constraints and debt burden", the company said in a recent statement.