Mankind Pharma Announces NCD Fundraising Initiative

23 Sep 2024 , 01:56 PM

Mankind Pharma has established a Fund Raising Committee to manage the issuance and allotment of Non-Convertible Debentures (NCDs) and Commercial Papers (CPs).

In early September, the company finalized a Business Transfer Agreement (BTA) to transfer its over-the-counter (OTC) business to its wholly-owned subsidiary, Mankind Consumer Products Private Limited (MCPPL), via a slump sale.

The slump sale allows for a lump sum sale of the business without assigning individual values to assets and liabilities, with MCPPL taking over the OTC business as a going concern. The divested OTC business includes a variety of non-prescription products aimed at consumers.

At the time of writing on September 23, 2024, at 01:53 pm, Mankind Pharma stock is trading at ₹2626.50, reflecting a 3.58% gain from the previous closing price. Over the past year, Mankind Pharma stock has witnessed a 50% gain, and it has gained 32% since the beginning of the current year.

This strategic move is intended to streamline Mankind Pharma’s operations, enabling greater focus on its core pharmaceutical business. The transfer is expected to enhance management and strategic alignment within the OTC segment under MCPPL.

This agreement demonstrates Mankind Pharma’s commitment to adapting its business strategy to changing market conditions. The company aims to capitalize on growth opportunities in the OTC sector through the dedicated efforts of its new subsidiary, Mankind Consumer Products.