Mankind Pharma to Raise Rs 10,000 Crore via Debentures and Commercial Papers

Mankind Pharma plans to raise up to Rs 10,000 crore through non-convertible debentures and commercial papers. The board approved raising Rs 5,000 crore each via non-convertible debentures and commercial papers. The company, which recently acquired Bharat Serums and Vaccines, did not disclose how the funds will be used.

Mankind Pharma announced on Monday its intention to raise up to Rs 10,000 crore through the issuance of non-convertible debentures and commercial papers.

The board approved the fundraising move, sanctioning Rs 5,000 crore to be raised via non-convertible debentures across 3-4 series with maturities of up to 48 months.

The company's fundraising committee also okayed the issuance of an additional Rs 5,000 crore through listed and rated commercial papers, with specific face values to be determined according to applicable laws and to be issued in multiple tranches or series, as stated in a regulatory filing.

Mankind Pharma did not disclose the intended use of the capital. In July, the company announced its acquisition of Bharat Serums and Vaccines for around Rs 13,630 crore.

Mankind Pharma is involved in developing, manufacturing, and marketing various pharmaceutical formulations and consumer healthcare products. The company's shares ended 2.68 percent down at Rs 2,521.55 apiece on the BSE on Monday.

(With inputs from agencies.)