Mankind Pharma board approves fundraising plan of up to Rs 10,000 cr

Mankind Pharma on Monday said it will raise up to Rs 10,000 crore via issuance of non-convertible debentures and commercial papers.

The company said its board has approved to raise up to Rs 5,000 crore via non-convertible debentures in 3-4 distinct series with maturities of up to 48 months.

The board's fundraising committee also approved to raise up to Rs 5,000 crore via listed and rated commercial papers, having face value as may be decided in accordance with applicable law, in one or more tranches or series, the drug maker said in a regulatory filing.

The company, however, did not disclose how it aims to utilise the raised capital.

In July this year, Mankind had announced the acquisition of Bharat Serums and Vaccines from Advent International for around Rs 13,630 crore.

The company is engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations and consumer healthcare products.

Shares of the company on Monday ended 2.68 per cent down at Rs 2,521.55 apiece on BSE.