Mankind to raise Rs 100 cr via pvt float

New Delhi based Mankind Pharma is set to raise Rs 100 crore through private placement to fund its global foray. The company is in the final stages of deciding its equity partner. The leading private equity firms such as ICICI Venture, Chrys Capital, Temasek India Advisors and Bearings are in the fray. Chrys Capital is known to be the front-runner in the race, sources said.

"We are in the final stages of announcing our equity partner. The plans are to invest around Rs 75 crore in the domestic business, R&D and export ventures", R C Juneja, Managing Director, Mankind Pharma told Business Standard.

Declining to dwell on the specifics of the private placement, Juneja however said it would enable the company to explore newer markets. "We are expecting to kick off our export business within six to eight months. We have acquired land for setting up a R&D facility. It should also be in place by the end of 2007. A new marketing division named "Future Mankind", which is aimed at medicines for life-style diseases and pain management, is also to be announced this year", he added.

Juneja also said that third-stage negotiations are in progress with two European drug firms for the joint manufacturing and marketing of life-style drugs. "This year's performance leads us to believe that team Mankind is on course to deliver yet another year of strong growth both in sales and profits, helping in achieving the target of becoming a 1100 crore company by the year 2010" Juneja said.