Slump sale to be effective on or before October 1, 2024
The Mankind Pharma’s Board of Directors approved the slump sale of the Over the Counter (OTC) business of the company to a wholly owned subsidiary company proposed to be incorporated with the name of Mankind Consumer Products Private Limited or any other name as approved by the Ministry of Corporate Affairs.
In an exchange filing, the company informed that the transaction will be effective on or before October 1, 2024 or such other date as may be mutually agreed between the parties, subject to customary closing conditions. The company will continue to have business operations with the proposed incorporated entity on an arm’s length basis.
This slump sale is reportedly part of Mankind Pharma’s restructuring to maximise focus on the OTC business, with the agility to track and act on consumer trends. Key OTC products by Mankind Pharma include AcneStar, HealthOk multivitamin tablets, oral contraceptive Unwanted and Gas-O-Fast. It also includes its Consumer Healthcare vertical.
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