Mankind Pharma Launches Rs 3,000 Cr QIP To Fund Bharat Serums Acquisition

Mankind Pharma, India's fourth-largest drugmaker by domestic sales, has launched a qualified institutional placement (QIP) to raise up to Rs 3,000 crore to finance the acquisition of Bharat Serums and Vaccines Ltd (BSV).

Kotak Mahindra Capital and IIFL Capital are serving as advisors for Mankind Pharma's QIP.

The firm's board approved the opening date for the issue on December 16, 2024 with a floor price of Rs 2,616.55 per equity share.

This strategic move is a major step for the company, making it a leader in the Indian women's health and fertility drug market. It also provides access to other high-entry barrier products in the critical care segment, supported by advanced R&D technology, the company said in a statement.

Read more - CCI Approves KKR's Stake Acquisition in Rebel Foods

The drugmaker reported a 29% increase in its consolidated net profit, reaching Rs 658.88 crore for the second quarter ending in September 2024, due to a recovery in volume. The company had posted a net profit of Rs 511.18 crore in the same quarter last year.

Earlier in October, Mankind Pharma announced it had completed the acquisition of BSV for Rs 13,768 crore.
BSV, a company focused on women’s health, critical care, and assisted reproductive technology, is being acquired by Mankind Pharma. This marks an important step for Mankind Pharma as it aims to diversify and strengthen its position in the pharmaceutical industry.

Advertisment

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.