Mankind Pharma edges higher after board approves opening of Rs 3,000 crore QIP issue

Mankind Pharma added 1.17% to Rs 2722.15 after the company informed that its board has approved the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 2,616.55 per equity share.

The company's board authorized and declared the opening of the issue on Monday, 16 December 2024.

The floor price of Rs 2,616.55 is at a discount of 2.76% to the scrips previous closing price of Rs 2,690.80 on the BSE. The company expects to raise a sum of Rs 3,000 crore from the said issue.

The company may offer a discount of not more than 5% on the floor price so calculated for the issue. The issue price will be determined in consultation with the book running lead manager appointed for the issue.

Mankind Pharma intends to use the issue from the proceeds for repayment / pre-payment of certain outstanding borrowings by the company; and for general corporate purposes.

Mankind pharma is one of the largest pharmaceutical company in India, which focuses on the domestic market with its Pan India presence.Mankind pharma operates at the intersection of the Indian pharmaceutical formulations and consumer healthcare sectors with the aim of providing quality products at affordable prices. The company has 25 manufacturing facilities in India manufacturing a wide range of dosage forms, including tablets, capsules, syrups, vials, ampoules, blow fill seal, soft and hard gels, eye drops, creams, contraceptives and other over-the-counter products.

The companys consolidated net profit surged 30.43% to Rs 653.47 crore on a 13.6% rise in revenue to Rs 3,076.51 crore in Q2 FY25 as compared to Q2 FY24.

Powered by Capital Market - Live News