Mankind Pharma surges ~3% as Beige offloads shares worth ₹2,736.80 Crore

27 Mar 2024 , 11:13 AM

Beige Ltd sold 58,17,874 crore shares of Mankind Pharma at an average price of ₹2124.71, along with another 58,17,873 shares at ₹2,120.31 apiece.

Following this development, Mankind Pharma was trading 2.86% higher at ₹2,314.90 per piece, against the previous close of ₹2,250.50 on NSE. The counter touched an intraday high and low of ₹2,343.95 and ₹2,270, respectively.

Earlier on March 26, 2024, it was reported that Beige Ltd, a subsidiary of ChrysCapital submitted a term sheet through its broker to sell up to 1.16 lakh shares of Mankind Pharma within the price range of ₹2,103.21 to ₹2,214 per share.

Another stakeholder, Link Investment Trust, was alleged to have sold a stake in the firm.

The stake sale occurs after the shares have doubled in value for IPO investors. The pharmaceutical stock was offered on public markets in May of last year, at a 20% premium to its issue price of ₹1,080.

According to Nuvama Alternative & Quantitative Research, if the amended ownership for the March quarter is disclosed to exchanges by April 16, 2024, the stock will automatically be included in the MSCI May 2024 review.

Nuvama predicts a $156 million inflow, equivalent to 5.9 million shares, with a significant 15-day effect. The brokerage expects that the company, which has a small float, would continue to perform strongly and easily reach ₹2,500 in a short period.

Mankind is already part of the FTSE Index. According to Nuvama Alternative’s predictions, the influx is likely to grow by roughly 10 million.

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