Shares of Mankind Pharma Ltd surged 2% higher to hit an intraday high of Rs 2,453.45 on 4 September after the company announced that it will transfer its Over Counter (OTC) business undertaking to its wholly-owned subsidiary, Mankind Consumer Products. 

The transfer of the business will be executed on a slump sale basis, as highlighted in the Business Transfer Agreement (BTA) that was signed on 3 September 2024. The transfer of this business is subject to various pre-conditions and terms specified in the BTA. 

Mankind Pharma is planning to raise over Rs 9,000 crore through a mix of non-convertible debentures (NCDs) and short-term commercial paper. This capital will support the company’s Rs 13,630 crore acquisition of Bharat Serums and Vaccines Ltd (BSV).

Earlier in May, the Board of Directors of the company approved an equity fundraising of Rs 7,500 crore and increased the borrowing limit to Rs 12,500 crore. 

In its quarterly earnings for April-June, the company reported a 10% year-on-year (YoY) increase in net profit to Rs 543 crore and a 12% YoY increase in revenue to Rs 2,893 crore for the quarter under review. 

At 12:37 pm, the shares of Mankind Pharma were trading 0.33% higher at Rs 2,399 on NSE.

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