Marksans Pharma Limited announced a private placement of 50,324,324 warrants at a price of INR 18.5 per warrant for the gross proceeds of INR 930,999,994 on June 15, 2021. The transaction will include participation from Mark Saldanha for 1,000,000 warrants and OrbiMed Asia IV Mauritius FVCI Limited for 49,324,324 warrants at a price of INR 74 per convertible warrant including premium. The company will issue warrants on preferential allotment basis.

The warrants to be issued will be convertible into shares of the company within eighteen months from the date of issue. The company will receive 25% amount of the warrant as upfront payment as per the Securities Exchange board of India (Disclosure and Investor Protection, Guidelines 2000) and the balance 75% will be received at the time of exercise of warrants. The transaction has been approved by board of directors of the company and is still subject to approval of shareholders in its Extra-ordinary General Meeting to be held on July 9, 2021.