Pharma major Wockhardt on Saturday reported widening of its consolidated net loss at Rs 23 crore for the second quarter ended September 30.

The company, which plans to raise up to Rs 1,800 crore through private placement of non-convertible debentures, had reported a consolidated net loss of Rs 3 crore in the same quarter of the previous fiscal, Wockhardt said in regulatory filings.

Sales during the quarter under review stood at Rs 1,125 crore compared with Rs 1,022 crore in the year-ago period.

The company said its total expenses during the quarter were higher at Rs 1,163.56 crore against Rs 1,104.76 crore in the corresponding period last fiscal.

The board of directors in its meeting held on Saturday approved raising of funds through the issuance of non-convertible debentures or bonds on private placement basis up to an aggregate amount not exceeding Rs 1,800 crore.

Wockhardt further said its board had also approved the issuance of non-convertible non-cumulative redeemable preference shares of face value of Rs 5 aggregating up to Rs 500 crore on a preferential basis to members of the promoter group, for which shareholder nod will be taken through postal ballot. It, however, did not specify where the funds will be utilised.

The business performance of the company during the second quarter showed marked improvement driven by growth in the US and emerging markets, Wockhardt Ltd said.

“Costs of on-going remedial measures, however, continued to impact profitability,” it added.