Pharmaids Pharmaceuticals Limited announced today that it has entered into a loan agreement with Moki Financial Services, a related party, for up to ₹5 crore. The unsecured loan, finalized on September 12, 2024, aims to support working capital requirements, general business purposes, and repayment of existing loans and liabilities.
The shares of Pharmaids Pharmaceuticals Limited were trading at ₹40.11 up by ₹0.99 or 2.53 per cent on the NSE today at 11.40 am.
The loan carries an interest rate of 12 per cent per annum and has a maximum tenure of 5 years from the date of disbursement. Moki Financial Services is considered a related party due to Dr Shankarappa Nagaraja Vinaya Babu, Pharmaids’ Chairman and Non-Executive Director, being a partner in the firm.
The company emphasized that the transaction is conducted at arm’s length. This funding move comes as Pharmaids, a pharmaceutical company based in Bangalore, seeks to strengthen its financial position in the competitive pharmaceutical market.