Announced Sat, 11 Jul · 13:31 IST
Mankind Pharma to divest Broadway Hospitality for Rs 49 cr; sets up Dutch WOS for niche R&D
MANKIND · price
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Price reaction · full curve 14 horizons · vs prior close
-0.1%1-day move
₹2528.00
prior close
₹2525.10
base price
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AI summary
Mankind Pharma's board approved selling its 100% stake in Broadway Hospitality Services, a wholly owned subsidiary, to AKRK Projects LLP for Rs 49 crores, expected to close within 90 days. Broadway contributed just 0.07% of revenue (Rs 9.63 cr) and 0.24% of net worth (Rs 38.99 cr). Separately, Mankind will incorporate a wholly owned subsidiary in the Netherlands with up to Euro 5 million investment, acting as an SPV for R&D and niche therapy investments through JVs or strategic acquisitions.
Likely market impact
Divesting non-core hospitality arm for Rs 49 cr against Rs 39 cr net worth. Dutch WOS signals R&D focus on niche therapies.