Marksans Pharma raises Rs 372.40 crore via conversion of warrants
20th Jan 2023

Marksans Pharma has raised Rs 372.40 crore through the conversion of warrants into equity shares by OrbiMed Asia IV Mauritius FVCI, and Mark Saldanha (Promoter of the Company). OrbiMed is a global healthcare investment firm with over $18 billion in assets under management. The warrants are converted at a price of Rs 74 per share, reflecting the Promoter's and OrbiMed's strong commitment to the company.

The convertible warrants were issued to OrbiMed and the Promoter of the company on July 23, 2021, at a price of Rs 74 per warrant. The company received Rs 93.09 crore in July 2021 and with the conversion, the balance amount of Rs 279.29 crore have also been received by the Company in January 2023. OrbiMed Asia IV Mauritius FVCI will own a 10.88% stake in the company and the promoter stake will be 43.80%. OrbiMed's exercise of warrant conversion will further strengthen the Company's net cash position to over Rs 650 crore.

Marksans Pharma together with its subsidiaries operates as an integrated international pharmaceutical company. The company’s business is distribution of pharmaceutical products.