Mankind Pharma Sees ₹2,736.8 Crore Worth Shares Traded in Block Deal

26 Mar 2024 , 12:28 PM

On Tuesday, March 26, a total of 1.3 Crore shares, equivalent to 3.2% equity of Mankind Pharma, were traded, valued at ₹2736.8 Crore.

The identities of the official buyers and sellers in the block deal remain undisclosed.

Sources reported to CNBC-TV18 on Monday, March 25, that Beige Ltd, an affiliate of private equity firm ChrysCapital, was expected to sell up to 2.90% of its stake in Mankind Pharma through block deals, offering shares within a price range of ₹2,103-₹2,214.

The estimated value of the deal was ₹2,460 Crore, according to multiple individuals familiar with the situation. Currently, Beige Ltd holds a 2.99% stake in Mankind Pharma Ltd.

The offer price for these block deals is slightly discounted, ranging from 0-5% below the current market price (CMP), as reported by CNBC-TV18 sources on Monday.

Mankind Pharma made its stock market debut on May 9, 2023, listing at ₹1,300 per share, marking a 20.4% premium over the issue price of ₹1,026-1,080 per share.

The pharmaceutical and consumer health company’s initial public offering (IPO) of over ₹4,300 Crore was open for subscription from April 25 to April 27.

At the time of writing, Mankind Pharma shares were trading at ₹2,199.90 apiece, reflecting a decrease of 0.63%.

Mankind Pharma specializes in acute and chronic therapeutic areas, encompassing anti-infectives, cardiovascular, gastrointestinal, anti-diabetic, neuro/CNS, VMN, and respiratory medications, among others. The company’s strategic focus is on expanding its presence in chronic therapeutic segments in the future.

In the consumer healthcare sector, Mankind Pharma operates in various categories, including condoms, pregnancy detection, emergency contraceptives, antacid powders, vitamin and mineral supplements, and anti-acne preparations. It boasts several category-leading brands in this segment.

With 25 manufacturing facilities located across India, Mankind Pharma manufactures a diverse range of dosage forms, including tablets, capsules, syrups, vials, ampoules, blow fill seal, soft and hard gels, eye drops, creams, contraceptives, and other over-the-counter products. The company has a strong track record of product innovation, supported by four dedicated research and development facilities staffed by over 600 scientists.