Mankind Pharma Shares Hit Record High After Company Announces ₹10,000 Crore Fund Raising

Mankind Pharma Shares Hit Record High After Company Announces ₹10,000 Crore Fund Raising

The mankind pharma's share touched day-high and all-time high level at Rs 2,648.00 per share on the NSE (national stock exchange). The stock rallied over 4.4 per cent today from closing level of previous trading session.

Vikrant DUpdated: Monday, September 23, 2024, 12:38 PM IST
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The share price of Mankind Pharma shares touched a record high of Rs 2,649 per share on the NSE (National Stock Exchange) after the company notified bourses that its board had approved raising funds a total of Rs 10,000 crore through private placement of commercial papers (CPs) and non convertible debentures (NCDs).

The stock reached an all-time high level after rising as much as 3.99 per cent. The stock rang the opening bell with a 2.25 per cent gain from the closing level of the previous trading session.

The mankind pharma's share touched day-high and all-time high level at Rs 2,648.00 per share on the NSE (national stock exchange). The stock rallied over 4.4 per cent today from closing level of previous trading session.

The stock was trading at Rs 2,623.40 per share on the national stock markets.

Structure of fund raising rounds

In order to raise up to Rs 10,000 crore, the company plans to issue commercial papers (CPs) and non-convertible debentures (NCDs) through private placement.

Additionally, the board established the Fund Raising Committee and gave it permission to carry out all necessary tasks, such as deciding on the terms of issuance, allocating NCDs and CPs, and handling other relevant issues.

Mankind pharma Q1 FY25

For the quarter that ended on June 30, 2024, Mankind Pharma's consolidated profit after tax (PAT), also known as net profit, climbed by 10 per cent YoY to Rs 543 crore.

The pharmaceutical company declared Rs 494 crore in profit after taxes for the April–June quarter of the previous fiscal year.

Mankind Pharma released a statement stating that revenue from operations increased to Rs 2,893 crore in the period under review from Rs 2,579 crore in the same period last year.

IPO debut compared to peers

Mankind Pharma's stock had a spectacular debut on bourse in May 2023. With its Rs 4,326 crore IPO, the company became the largest domestic pharmaceutical player to do so since 2020, when Gland Pharma made its market debut with an IPO of Rs 6,479.5 crore.

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