Mankind Pharma Ltd. board to meet on Sept. 20 to consider fundraising

Mankind Pharma has grown its footprint internationally and established itself as a major force in the Indian pharmaceutical market. The company has a solid reputation among consumers and healthcare professionals because of its dedication to offering high-quality, reasonably priced healthcare products. Mankind Pharma has a broad range of products that address different medical requirements. The company is always coming up with new ideas and treatments to help people all over the world be healthier and feel better.

Mankind Pharma is going to raise funds via NCDs:

Mankind Pharma announced on Tuesday that it would call a meeting of its Board of Directors on September 20, 2024, to discuss a proposal to raise capital by issuing debt securities such as commercial papers, non-convertible debentures (NCDs), or other securities. The fourth-most valuable pharmaceutical company in the nation stated in an exchange filing that the board will determine the quantity and kind of securities to be issued.

A report published in the Economic Times on September 3rd states that Mankind Pharma intends to raise more than Rs. 9,000 crore by issuing non-convertible debentures along with short-term commercial paper. Mankind Pharma raised its borrowing limit to Rs. 12,500 crore and was approved for an equity fundraising plan worth Rs. 7,500 crore earlier this year.

Mankind Pharma is raising money to finance the purchase of BSV:

The money is anticipated to help the business with its announced July acquisition of Bharat Serums and Vaccines Ltd. (BSV), which is estimated to be worth Rs. 13,630 crore.

The stock of Mankind Pharma Ltd. is down marginally today:

The stock of Mankind Pharma Ltd. is currently trading at Rs. 2,443.65 per share, and it is expected to grow positively by the end of the day. The stock has, as of now, traded at a high of Rs. 2,484.80.

Conclusion: Mankind Pharma Ltd. is obtaining funding from a variety of sources to finance the acquisition of Bharat Serums and Vaccines Ltd.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.