Mankind Pharma divests hospitality arm, sets up Dutch R&D arm
MANKIND · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Board approved two moves: (1) Sale of 100 percent stake in wholly owned subsidiary Broadway Hospitality Services to AKRK Projects LLP for Rs 49 crore. Buyer is not a related party. Broadway is a non-core hospitality asset contributing about 0.07 percent of company revenue and 0.24 percent of net worth. Deal expected to close in 90 days. (2) Incorporation of a wholly owned subsidiary in Netherlands as an SPV for R&D investments and business development in niche therapies, with up to 5 million euro planned investment.
Mildly positive. Clean-up of non-core hospitality arm refocuses the group on pharma. Dutch unit signals intent to expand into niche therapy R&D. Material size impact is small.