Mankind Pharma Calls Board Meet On Sept. 20 To Mull Fundraise
The board will explore various options for fundraise, including issue of NCDs, commercial papers or other debt securities, Mankind Pharma said.
Mankind Pharma Ltd. on Tuesday announced that its board of directors will meet on Sept. 20 to consider and approve a fundraise plan.
The board will mull over various options of raising funds, such as issuance of non-convertible debentures, commercial papers, other debt securities or any other security or any combination thereof, an exchange filing stated.
The amount of fundraise which the board will consider was not disclosed by the company.
Earlier, on Sept. 3, the Economic Times had reported that Mankind Pharma was set to raise over Rs 9,000 crore through a mix of short-term commercial paper and non-convertible debentures. The report claimed that fundraise would be aimed at supporting the company's Rs 13,630-crore acquisition of Bharat Serums and Vaccines Ltd (BSV), which was announced in July.
Mankind Pharma, which is India's fourth largest pharmaceutical company, received the board's clearance in May for a Rs 7,500-crore equity fundraising plan. The board had also approved an increase in its borrowing limit to Rs 12,500 crore.
On Tuesday, Mankind Pharma's shares closed 0.17% lower at Rs 2,452 apiece on the NSE. In comparison, the benchmark Nifty 50 advanced by 0.14%.
The stock has risen by 39% during the last 12 months and has advanced by 23.9% on a year-to-date basis. The total traded volume so far in the day stood at 0.49 times its 30-day average. The relative strength index was at 60.18. That analyst consensus estimate tracked by Bloomberg was Rs 2,325.46, implying a potential decline of 5.3% from the last close.
