Mankind Pharma , a prominent player in the Indian pharmaceutical industry, has announced a significant expansion of its international operations. The company has successfully incorporated a wholly owned subsidiary in Sri Lanka, marking a strategic move to strengthen its presence in the South Asian market.

New Subsidiary Details

The newly established subsidiary, named Mankind Pharma Lanka (Private) Limited, was incorporated on July 23. This development comes as part of Mankind Pharma's ongoing efforts to expand its global reach and capitalize on emerging markets in the region.

Official Notification

Mankind Pharma officially notified the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) about this incorporation on July 24. The company's communication to the stock exchanges confirmed the establishment of the new subsidiary.

Previous Disclosure

This move aligns with Mankind Pharma's previously communicated intentions. On May 21, the company had provided detailed disclosures regarding this subsidiary, as required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Compliance

The company emphasized its adherence to regulatory requirements, stating that the incorporation aligns with Regulations 30 and 51 of the SEBI Listing Regulations. Mankind Pharma assured that it had already furnished all necessary disclosures in accordance with the relevant SEBI circulars.

Market Implications

This strategic move by Mankind Pharma signifies its commitment to expanding its international presence. The establishment of a wholly owned subsidiary in Sri Lanka could potentially open up new avenues for growth and help the company tap into the Sri Lankan pharmaceutical market.

As Mankind Pharma continues to expand its global footprint, investors and industry observers will be keenly watching how this new subsidiary contributes to the company's overall growth strategy and financial performance in the coming years.

Mankind Pharma Limited , a prominent player in the Indian pharmaceutical industry, has received a formal request for the reclassification of a key stakeholder from the "Promoter and Promoter Group" category to the "Public" category. This development marks a significant change in the company's ownership structure and could potentially impact its shareholding pattern.

Reclassification Request Details

Ayushi and Poonam Estates LLP, previously classified under the Promoter Group category, has submitted a request to Mankind Pharma for reclassification to the Public category. This request comes in the wake of a complete transfer of ownership within the LLP, shifting control away from the immediate relatives of Mankind Pharma's promoters.

Ownership Transfer

The LLP, which was earlier entirely owned by Mrs. Poonam Juneja and Mrs. Ayushi Juneja Sikri (immediate relatives of Mankind Pharma's promoters), has undergone a significant change in ownership structure. Through a deed of admission, the ownership and control of the LLP have been transferred to Chalet Hotels Limited and Sonmil Industries Private Limited. The new designated partners of the LLP are:

• Mr. Shwetank Singh (nominee of Chalet Hotels Limited)
• Ms. Karuna Nasta (nominee of Sonmil Industries Private Limited)

Implications of the Reclassification

The reclassification request, if approved, would have several implications:

1. Shareholding Pattern: The LLP confirms it does not hold any shares in Mankind Pharma, which simplifies the reclassification process.
2. Control: The LLP asserts that it does not exercise any control over Mankind Pharma's affairs.
3. Board Representation: There is no representation of the LLP on Mankind Pharma's board of directors.
4. Special Rights: The LLP does not possess any special rights in relation to the company.

Next Steps

Mankind Pharma has acknowledged receipt of the reclassification request. The company has stated that this request will be placed before its board of directors in their upcoming meeting for consideration. The reclassification process will require various approvals in accordance with the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015.

Regulatory Compliance

The LLP has provided undertakings confirming its compliance with SEBI regulations, including:

• Not holding more than 10% of the total voting rights in Mankind Pharma
• Not exercising control over the company's affairs
• Not having any representation on the Board of Directors
• Not being classified as a 'wilful defaulter' or fugitive economic offender

This reclassification request underscores the dynamic nature of corporate structures and the importance of transparent disclosures in the Indian stock market. Shareholders and market observers will be keenly watching the outcome of this request and its potential impact on Mankind Pharma's shareholding pattern.