Mankind Pharma Limited's Fund Raising Committee has finalised a comprehensive plan to issue non-convertible debentures (NCDs) and commercial papers (CP) to raise a total of Rs 5,000 crore on Monday.
In a stock exchange filing, the company said it will issue up to 500,000 secured, rated, and listed non-convertible debentures, with a nominal value of Rs 100,000 each, aggregating to a total of Rs 5,000 crore.
These debentures will be issued in 3-4 distinct series with maturities of up to 48 months. The debentures are set to be listed on the Bombay Stock Exchange (BSE), providing investors with a secure and reliable investment option.
The NCDs will carry exclusive and pari-passu charges over various assets of the company. This includes an exclusive charge over the company's designated accounts, movable and immovable assets, and a pledge over shares and securities of Bharat Serums and Vaccines Limited, which Mankind Pharma is set to acquire.
Further details on the coupon rate, interest payments, and specific allotment dates will be disclosed at the time of issuance of the debentures.
In addition to the NCDs, Mankind Pharma will also raise funds through listed and rated Commercial Papers (CP) in one or more tranches.
The total financing amount for the CP issuance will not exceed Rs 5,000 crore, with tenures ranging between 3 to 12 months. Similar to the NCDs, the specific terms regarding coupon rates and allotment will be revealed closer to the issuance date.
The company emphasised that these fundraising efforts are part of a broader financial plan aimed at optimising its balance sheet, securing necessary capital for upcoming acquisitions, and supporting long-term business growth.
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