Mankind Pharma shares advanced 3.1 per cent and logged an intraday high of Rs 2,468.35 on the BSE, after reports indicated that the company is looking to raise Rs 9,000 crore to acquire Bharat Serums and Vaccines. The company had earlier said that the transaction will be funded by internal accruals, loans and stock.
At 12:37 PM, shares of Mankind Pharma had gained 2.38 per cent or Rs 56.95, to trade at Rs 2,449.25. The market capitalisation of the company at around the same time stood at Rs 98,127.77 crore.
Mankind Pharma will raise Rs 9,000 crore through a strategic mix of non-convertible debentures (NCDs) and short-term commercial paper, according to reports.
The fundraising is to support its Rs 13,630 crore acquisition of Bharat Serums and Vaccines Ltd (BSV), a transaction announced in late July.
Apart from that, reports also suggest that the company will issue bonds within the coming weeks. The company also plans to raise Rs 2,000-3,000 crore through an equity issue within the current financial year.
Mankind Pharma’s acquisition of BSV from Advent International will be the company’s largest acquisition since its market debut last year. Once completed, this acquisition will position Mankind Pharma as a leader in the fast-growing gynaecology-fertility category, with a projected market share of over 20 per cent, surpassing Emcure. In FY24, Mankind had an 8.19 per cent market share in this segment.
Mankind Pharma Q1FY25 result
Mankind Pharma reported a 9.9 per cent year-on-year (Y-o-Y) increase in consolidated net profit at Rs 543 crore in Q1FY25, compared to Rs 494 crore in the year-ago period.
The company’s revenue from operations rose to Rs 2,893 crore in the June quarter, a 12.2 per cent Y-o-Y rise from Rs 2,579 crore it had reported in Q1FY24.
At the operating level, the company’s earnings before interest, tax, depreciation, and amortisation (Ebitda) rose to Rs 686 crore in the June quarter, compared to Rs 660 crore in the same period last fiscal.
Mankind Pharma share price history
Since its listing on May 9, 2023, shares of Mankind Pharma have gained 40.4 per cent against the BSE Sensex’s rise of 26.2 per cent during the period.
First Published: Sep 03 2024 | 1:28 PM IST
