 "Mankind Pharma to raise funds up to Rs 10k crore via debt instruments")
Delhi-based pharmaceutical major Mankind Pharma on Friday announced that it would raise funds aggregating up to Rs 10,000 crore by way of issuance of non-convertible debentures (NCDs) and commercial papers (CPs) on a private placement basis, according to an exchange filing by the company on the Bombay Stock Exchange (BSE).
This comes after the company, on September 17, had announced a board meeting to approve the fundraise for financing Mankind’s recent acquisition of Bharat Serums and Vaccines (BSV). The company had acquired a 100 per cent stake in BSV from private equity firm Advent International for a value of Rs 13,630 crore.
The Mankind board also constituted and authorised a Fund Raising Committee to take all necessary actions regarding the fundraise, which includes finalisation of the terms of issuance, allotment of NCDs and CPs, and other related matters. “Any further intimation in this connection will be submitted to the exchanges in due course,” the company said.
The board also announced the issuance of corporate guarantees for four of its subsidiaries, namely Mankind Agritech, Appian Properties, Copmed Pharmaceuticals, and Lifestar Pharma.