Mankind Pharma shares gained marginally in early trading on September 4 following the company's announcement that it would transfer its Over the Counter (OTC) business undertaking to its wholly owned subsidiary, Mankind Consumer Products (MCPPL).
At 09:41am, Mankind Pharma was quoting at Rs 2,435 up 1.7 percent on the BSE.
The transfer will be executed on a slump sale basis, as outlined in the Business Transfer Agreement (BTA) signed on September 3, 2024. The completion of this transaction is subject to various pre-conditions and terms specified in the BTA.
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Additionally, Mankind Pharma plans to raise over Rs 9,000 crore through a combination of non-convertible debentures (NCDs) and short-term commercial paper. This financing is aimed at supporting the company's Rs 13,630 crore acquisition of Bharat Serums and Vaccines Ltd (BSV), as reported by the Economic Times.
In May, Mankind Pharma's board had approved an equity fundraising of Rs 7,500 crore and increased its borrowing limit to Rs 12,500 crore.
The company also reported a 10% year-on-year increase in net profit to Rs 543 crore and a 12% rise in revenue to Rs 2,893 crore for the June quarter.
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