Marksans Pharma raises Rs 372.40 crore in equity via conversion of warrants issued to OrbiMed and promoter

Marksans Pharma today 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), a statement from Marksans Pharma notified.

The warrants are converted at a price of Rs 74 per share, reflecting the promoter’s and OrbiMed’s commitment to the company, it further stated.

The statement also mentioned that 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 per cent stake in the company and the promoter stake will be 43.80 per cent.

OrbiMed’s exercise of warrant conversion will further strengthen the company’s net cash position to over Rs 650 crore, the statement added.