The board of Mankind Pharma Limited on Monday approved raising of up to ₹10,000 crore through the issuance of non-convertible debentures (NCDs) and commercial papers (CPs). The decision was finalised at a fund raising committee meeting held today.
The company intends to issue up to 500,000 secured, rated, and listed NCDs with a nominal value of ₹1 lakh, totaling up to ₹5,000 crore. These NCDs will be issued in 3-4 distinct series with maturities of up to 48 months. Additionally, Mankind Pharma will issue listed and rated CPs for an aggregate amount not exceeding ₹5,000 crore.
The NCDs will be secured by various assets, including an exclusive charge over designated accounts, a pari-passu charge over movable assets, and a pari-passu mortgage over identified immovable assets. Once completed, the acquisition of Bharat Serums and Vaccines Limited will also secure the NCDs through an exclusive pledge of shares.
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Both the NCDs and CPs will be listed on the BSE Limited. The specific coupon rates, allotment dates, and maturity dates for these instruments are yet to be determined.
Shares of Mankind Pharma closed at ₹2,520.70, down 2.7 per cent, on the NSE.