Mankind Pharma to raise up to Rs 10,000 crore through bonds

Mankind Pharma's board on Friday approved a proposal to raise up to Rs 10,000 crore through non-convertible debentures (NCDs) and commercial papers. 

The New Delhi-headquartered pharmaceutical firm plans to raise the funds by issuing bonds on a private placement basis. 

The company also said its board has constituted and authorised a fund-raising panel to take all necessary actions including the finalisation of the terms of issuance, the allotment of NCDs and CPs, and related matters.

"Any further intimation in this connection will be submitted with the Exchanges in due course," it said in a regulatory filing. 

In a separate development, the board also cleared a plan to issue corporate guarantees for the company's subsidiaries Mankind Agritech (Rs 100 crore), Appian Properties (Rs 300 crore), Copmed Pharmaceuticals (Rs 300 crore), and Lifestar Pharma (Rs 250 crore). 

The corporate guarantees are in favour of ICICI Bank, Bajaj Finance Limited, and Citi Bank, according to the filing. 

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