Mankind Pharma to consider fundraising on September 20

Mankind Pharma said on Tuesday it will convene a board meeting on September 20, 2024 to deliberate on a proposal to raise funds through the issuance of non-convertible bonds, commercial paper or other debt securities.

The board of directors will decide the amount and type of securities to be issued, the country’s fourth-most valuable pharmaceutical company added in a stock exchange filing.

According to a September 3 report by the Economic Times, Mankind Pharma plans to raise more than ₹9,000 crore through a combination of short-term commercial paper and non-convertible bonds.

The funds are expected to support the company’s acquisition of Bharat Serums and Vaccines Ltd (BSV), valued at ₹13,630 crore, announced in July.

Earlier this year, Mankind Pharma received approval for a ₹7,500 crore equity fundraising plan and increased its borrowing limit to ₹12,500 crores.

The company’s shares ended down 0.2% at ₹$2,452.00 per share.