Mankind Pharma has executed a Business Transfer Agreement (BTA) to transfer its Over-the-Counter (OTC) business undertaking to its wholly owned subsidiary, Mankind Consumer Products Private Limited (MCPPL), on a slump sale basis.
The company’s consumer products portfolio includes several trusted brands Manforce, HealthOK, Prega News, AcneStar, Unwanted and Gas-O-Fast across categories such as wellness, hygiene, and personal care products.
“The Company has completed the transfer of Over the Counter (OTC) Business Undertaking (defined in the BTA) as a going concern on a slump sale basis to Mankind Consumer Products Private Limited (MCPPL), a wholly owned subsidiary of the Company on September 30, 2024,” it said in a regulatory filing.
This strategic realignment is part of Mankind Pharma’s broader strategy to enhance its focus on the consumer business, which currently contributes 7 per cent of the overall revenue.
Earlier on September 30, the company’s Board approved fund – raising of up to ₹10,000 crore via issuance of non-convertible debentures and commercial papers. The Board has raised up to ₹5,000 crore via non-convertible debentures “in 3 - 4 distinct series with maturities of up to 48 months”.
Fund raising would be through 5 lakh secured, rated and listed NCDs of nominal value of ₹100,000 each.
The fundraising committee has also approved raising of up to another ₹5,000 crore via listed and rated commercial papers, having face value “as may be decided in accordance with applicable law, in one or more tranches or series.”
The company, however, did not disclose how it aims to utilise the raised capital.