A well-known Indian pharmaceutical business called Mankind Pharma said on Tuesday that its board of directors will meet later this week to discuss a plan to raise money by issuing several kinds of securities. According to a business regulatory filing, the board will review and possibly approve the plan to raise capital through the issuance of non-convertible debentures, commercial papers, other debt securities, or a combination of these instruments on September 24.
Mankind Pharma has not yet made public the precise amount it plans to raise, but this action indicates the company’s goal to improve its financial standing. The company’s intentions for expansion, notably in its consumer healthcare and prescription medicine segments, may be the focus of this financing drive.
Mankind Pharma has developed and marketed a broad range of pharmaceutical formulations and healthcare products, establishing a strong presence in both the consumer healthcare and pharmaceutical industries. The company described its growth strategy and stressed the significance of growing its consumer healthcare business in its investor presentation. It intends to achieve this by introducing new products, expanding its product line, and becoming more premium. Important elements of this strategy include investigating new distribution channels and utilizing its existing brand equity.
Additionally, the company wants to grow its market share in the chronic disease sector by increasing its presence in already-approved treatments. Mankind Pharma aims to improve its long-term growth prospects by raising the value of prescriptions in the existing market and expanding its presence in the chronic care arena.
The required funding for these projects may come from the possible issuing of securities. The ability to raise capital through non-convertible debentures, commercial papers, or other financial instruments can provide the business with the freedom to make R&D investments, introduce new goods, and broaden its customer base. It might also be useful for paying off debt that already exists or for satisfying any working capital requirements.
Mankind Pharma’s continuous endeavors to expand its consumer healthcare enterprise and fortify its standing in the prescription market are congruent with its overarching goal of emerging as a prominent participant in the pharmaceutical sector. Awaiting the company’s board meeting to deliberate on the specifics of the proposed fundraising, interested parties will be watching to see how the funds raised will be used to advance these strategic goals. The company’s aims and future financial trajectory will be made clear during the upcoming board meeting on September 24.
SOURCE :
ECONOMIC TIMES
