Mankind Pharma board approves ₹10,000 Crore fund raise

30 Sep 2024 , 07:41 PM

Mankind Pharma Ltd.’s board approved issuing Non-Convertible Debentures and Commercial Papers to raise up to ₹10,000 Crore, according to an exchange filing on Monday, September 30.

Mankind Pharma plans to offer 5 lakh rupee-denominated, secured, rated, and listed NCDs with a nominal value of ₹1 Lakh each, aggregating upto ₹5,000 Crore in 3-4 different series with maturities up to 48 months.

The company would issue listed and rated commercial paper having a face value determined by applicable law for financing up to ₹5,000 Crore in one or more tranches or series.

Mankind Pharma will list its NCDs on the Bombay Stock Exchange. The date of allotment and the final date of maturity will be updated at the time of allocation. The coupon rate for these NCDs will be established later.

Similarly, the company will offer commercial papers on the BSE in numerous tranches ranging from three to twelve months, with additional parameters such as maturity and coupon rate to be set later.

Rajeev Juneja, Vice Chairman and Managing Director of Mankind, claimed that the BSV purchase will be funded with ₹4,000 Crore from the company’s reserves, approximately ₹3,000 Crore from a qualified institutional placement (QIP), and ₹7,000 Crore through a loan.

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