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Indian pharmaceutical company Mankind Pharma has raised 50 billion rupees ($594.9 million) through bonds, Reuters reported. The Delhi -based pharma's debut entry into the bond market comes as part of its efforts to fund the recent Rs 13,630 crore acquisition of Bharat Serums and Vaccines Ltd (BSV).

The pharma giant, invited bids from investors and bankers on Tuesday Oct 15 and the bonds were issued for 18 months, two years, three years and one month, three bankers told the news agency.  Payable on a semi- annual basis, coupons of 7.99 percent and 7.97 percent were issuedby the pharma company for short- term and long-term bonds respectively.

The bid, organized by Deutsche Bank and Barclays, received high interests from all main Indian insurance and mutual fundcompanies including ICICI Prudential and HDFC, finimize, reported. They added that the 'favorable rating' and 'substantial backing 'showsMankind's ability to grow. Forecasting that the latest developments will contribute to the growth of India's pharmaceutical landscape, the website said Mankind's move to acquire Bharat Serums will attract more international investors, global investments and partnerships.

Mankind had been under limelight and drew considerable attention from its investors recently after MarketsMOJO'upgraded' its stock to 'Buy.'  Citing the 'high management efficiency' of Mankind Pharma and a Return on Equity of 18.64 percent as reasons for the recent 'buy upgrade,' the stock and portfolio research experts praised the company's proficiency at using the resources productively and for providing good returns for its shareholders.

Mankind, which is the fourth largest pharmaceutical company in India, announced in July its decision to acquire a 100 percent stake in Bharat Serums and Vaccines Limited (BSV) from the private equity firm Advent International. The company stated at that time that the BSV acquisition, its largest acquisition so far, is expected to make it establish as a market leader in Indian women's health and fertility drug market.

It was in May this year the firms' board gave green signal for an equity fundraising of Rs 7,500 crore. The board also agreed to increase the borrowing limit to Rs 12,500 crore. Early in September, it announced its plans to raise Rs 9,000 crore through certain debt instruments like non-convertible debentures (NCDs) and short-term commercial paper.

Founded in 1995, the pharma with over 20,000 employees, aims at providing'cost-effective, innovation based superior quality pharmaceutical products' to help patients across the world. They deal with products related to pharma, generic drugs, Over the counter drugs, fast moving consumer products (FMCG) and diagnostics.

In quarter 1 (Q1 FY25), Mankind pharma reported a9.9% increase in its profitat Rs 543 crores, with a 12 percent hike in revenue.