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  5. Mankind Pharma shares hit record high as board okays raising ₹10,000 crore

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Mankind Pharma shares hit record high as board okays raising ₹10,000 crore

Upstox
By Upstox News Desk

2 min read | Updated on September 23, 2024, 10:50 IST

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SUMMARY

In May 2023, Mankind Pharma's shares had a stellar debut on the bourses. The company's ₹4,326 crore IPO was one of the biggest by a domestic pharmaceutical player since Gland Pharma made its market debut with a ₹6,479.5 crore IPO in 2020.

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MANKIND
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The stock rallied as much as 3.99% to hit an all-time high level.

The stock rallied as much as 3.99% to hit an all-time high level.

Mankind Pharma share price NSE: Mankind Pharma shares hit a record high of ₹2,649 apiece on the BSE on Monday, September 23, after the company informed bourses that its board has approved raising funds aggregating to ₹10,000 crore through non convertible debentures (NCDs) and commercial papers (CPs) on a private placement basis.

The stock rallied as much as 3.99% to hit an all-time high level. 

The company will raise funds by way of issuance of non-convertible debentures (NCDs) and commercial papers (CPs) on a private placement basis for an amount aggregating up to ₹10,000 crore.

The board has also constituted and authorised the Fund Raising Committee to take all necessary actions, including finalisation of the terms of issuance, allotment of NCDs and CPs, and other related matters. 

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Further, the company's board also approved corporate guarantees for its subsidiaries, Mankind Agritech Private, Appian Properties, Copmed Pharmaceuticals Private, and Lifestar Pharma LLC.

Mankind Pharma Q1 FY25 Results

Mankind Pharma's consolidated profit after tax (PAT) or net profit increased by 10% year-on-year (YoY) to ₹543 crore in the quarter ended on June 30, 2024.

The drug firm had reported a profit after tax of ₹494 crore in the April-June quarter of the previous fiscal.

Revenue from operations rose to ₹2,893 crore in the period under review from ₹2,579 crore in the year-ago period, Mankind Pharma said in a statement.

About Mankind Pharma

Incorporated in 1991, Mankind Pharma develops, manufactures, and markets pharmaceutical formulations across various acute and chronic therapeutic areas and several consumer healthcare products.

Mankind produces branded generic drugs sold throughout India, with a uniquely deep reach in rural and semi-urban markets.

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In May 2023, Mankind Pharma's shares had a stellar debut on the bourses. The company's ₹4,326 crore IPO was one of the biggest by a domestic pharmaceutical player since Gland Pharma made its market debut with a ₹6,479.5 crore IPO in 2020, as per a PTI report.
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Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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