Proposing the sale of its animal healthcare business for Rs 150 crore, drug maker Wockhardt Ltd is seeking the approval of its shareholders to go ahead with the move. The company proposed the asset divestment by way of a postal opinion poll closing June 1, 2009.

Talking about shareholders’ approval for undertaking the projected move, Workhardt spokesperson said: “This is an enabling resolution which, if passed, will allow the company to divest this business.”

Sources “in the know” of the proceedings at Workhardt informed business daily Economic Times that the anticipated sale amount of Rs 150 crore is the company’s lower limit for considering an offer, and that the actual amount could go as high as Rs 250 crore.

The divestment proposal comes after the company’s March announcement that it was looking at restructuring its corporate debt, for which it was involved in talks with banks. In addition, the company said it was considering a possible recasting of some of its businesses and units.

Informing the stock exchange about the prospective measure, Workhardt said in its statement that the plan to divest animal healthcare business is a part of the company’s long-term stratagem related to focusing on its core businesses. Towards that end, the company said it has decided to “systematically divest the non-core business to enhance the shareholders’ value.”