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Mankind Pharma has pledged 39.68 per cent of its equity stake in Bharat Serums and Vaccines Ltd (BSV), a wholly owned subsidiary, to Catalyst Trusteeship Ltd to secure non-convertible debentures (NCDs) totalling Rs 5,000 crore.
The move comes under the framework of three debenture trust deeds executed on October 10, enabling the issuance of listed, rated, secured, redeemable, and transferable NCDs aggregating Rs 5,000 crore.
The pledge agreement, formalised on November 14, ensures that the equity shares of BSV will remain pledged until the settlement of the NCDs. Catalyst Trusteeship will act as the common security trustee for the benefit of the NCD holders.
In September, Mankind Pharma announced that it would raise funds of up to Rs 10,000 crore through NCDs and commercial papers (CPs) on a private placement basis.
Mankind Pharma acquired full ownership of BSV on October 23, 2024. While no financial consideration was disclosed for the pledge, the transaction does not constitute a related-party deal and falls outside any scheme of arrangement, according to the company’s regulatory filing.
The capital raised through this pledge is expected to support Mankind Pharma’s strategic initiatives and growth plans, marking a significant financial milestone for the pharmaceutical major.
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