Mankind Pharma, one of India’s leading pharmaceutical companies, announced that its Board of Directors has approved raising funds amounting to INR 10,000 crore.
The funds will be raised through the issuance of Non-Convertible Debentures (NCDs) and Commercial Papers (CPs) on a private placement basis.
This decision was taken during the board meeting held on September 20, 2024. The capital raised will help Mankind Pharma strengthen its financial position, enhance liquidity, and support ongoing projects and business expansion plans.
To streamline the process, the board has constituted a dedicated Fund Raising Committee. This committee is authorized to handle the finer details of the issuance, including the finalization of terms, allotment of NCDs and CPs, and any other related matters. The company is expected to provide additional updates on the issuance and terms in due course.
In addition to the fund-raising decision, the board has also authorized corporate guarantees amounting to INR 950 crore for its subsidiaries. These subsidiaries include Mankind Agritech, Appian Properties, Copmed Pharmaceuticals, and Lifestar Pharma. The guarantees provided for these subsidiaries will be treated as contingent liabilities for Mankind Pharma.
The company highlighted that these guarantees are intended to provide financial security and support the growth objectives of its subsidiaries.
