Mankind Pharma to sell OTC business

Mankind Pharma Ltd plans to conduct a slump sale of its over the counter (OTC) business to a wholly owned subsidiary. It is proposed to incorporate the subsidiary with the name Mankind Consumer Products Private Limited or any other name.

Shares of the company reacted positively and were trading 2.72 percent higher at Rs 2,375.30 on the NSE at 2.37pm on April 2.

Revenue of the OTC business for FY 2022-23 stood at Rs 704 crore (8.7 percent of Rs 8,127 crore being revenue of the parent company). The net worth of the OTC business of the company as on March 31, 2023, stood at Rs 155 crore (2 percent of net worth of the parent company).