Mankind Pharma Limited has announced the sale of its entire stake in Mahananda Spa and Resorts Private Limited, a wholly owned subsidiary, to Chalet Hotels Limited. The decision was taken during the Committee of Independent Directors’ meeting held on February 10, 2025, as part of the company’s efforts to monetize non-core assets and retire part of its outstanding debt.
Key Details of the Transaction:
- Turnover Contribution: Mahananda contributed ₹74.33 crore (0.72%) to the company’s turnover and ₹401.35 crore (4.29%) to its net worth during the financial year ended March 31, 2024.
- Enterprise Value: The sale has been valued at an enterprise value of ₹530 crore, subject to final closing adjustments.
- Completion Date: The transaction is expected to be completed by February 28, 2025, following the execution of the necessary documents, including the Share Purchase Agreement.
- Buyer Information: Chalet Hotels Limited, part of the K Raheja Corp Group, is a prominent player in India’s hotel and mixed-use property sector. The buyer does not belong to Mankind Pharma’s promoter or group entities.
- Regulatory Compliance: The transaction is not classified as a related party transaction and does not fall under any scheme of arrangement.
The sale aligns with Mankind Pharma’s strategy to optimize its asset base and improve financial flexibility. The company has clarified that it will ensure regulatory compliance under SEBI guidelines.
Disclaimer: The information provided is for informational purposes only and does not constitute financial advice.
