Shares of Mankind Pharma Ltd. rose to their highest level since listing on Monday, after the company's board gave its approval to raise Rs 10,000 crore. The board of directors permitted raising of funds by issue non-convertible debentures and commercial papers on a private placement basis, an exchange filing said Friday.
Mankind Pharma's board constituted a fund raising committee to finalise terms of issuance, non-convertible debentures, and commercial papers, and other related matters, the filing said.
The company's board has also approved corporate guarantees for its subsidiaries.
Mankind Pharma Ltd. shares rose as much as 4.43%, the highest level since its listing on May 9, 2023, before paring gains to trade 3.55% higher at Rs 2,625.85 per share as of 10:41 a.m. This compared to a 0.30% advance in the NSE Nifty 50.
The stock gained 50.75% in 12 months, and 32.49% year-to-date. Total traded volume so far in the day stood at 2.5 times its 30-day average. The relative strength index was at 69.98.
Out of 16 analysts tracking the company, 12 maintain a 'buy' rating, three recommend a 'hold' and one suggests 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 7.2%.
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