Mankind Pharma shares in focus as company approves Rs 10,000 crore fundraise plan
Mankind Pharma shares are expected to remain in Focus on Tuesday as the company announced that it would raise up to Rs 10,000 crore through issuance of non-convertible debentures (NCD) and commercial papers.
The company's board of directors on Monday approved raising up to Rs 5,000 crore via non-convertible debentures in 3-4 distinct series with maturities of up to 48 months, in a regulatory filing to stock exchanges.
The board’s fundraising committee also approved to raise up to Rs 5,000 crore via listed and rated commercial papers, having face value as may be decided in accordance with applicable law, in one or more tranches or series, the drug maker said in a regulatory filing.
The company, however, did not disclose how it aims to utilise the raised capital.
In July this year, Mankind had announced the acquisition of Bharat Serums and Vaccines (BSV) from Advent International for around Rs 13,630 crore.
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