An enormous $590 million+ block sale in Mankind Pharma might see three PE groups sell their share

12 Dec 2023 , 12:43 PM

According to Moneycontrol report, a group of three private equity firms—Chrys Capital, Capital Group, and Everbridge Partners—are seeking to sell their $592 million or more investment in Mankind Pharma through a block sale.

‘These three investors want to sell a share for about $592 million at a base deal size. One of the aforementioned report stated, ‘Given the up size option, the deal size may increase to $677 million.’

The combined stake size up for sale at basic size, according to a second source, would be 6.9 percent; with the upsize option, the combined stake size diluted by three investors would be 7.9 percent. This information was provided by Moneycontrol.

Investment banks Kotak Mahindra Capital and IIFL Capital were serving as consultants for the potential block purchase, a third source told Moneycontrol.

He said that the floor price, which was Rs 1785.65 a share, represented a 7% reduction to Mankind Pharma’s December 11 closing price of Rs 1920.05 per share.

Under the condition of anonymity, the three individuals mentioned above spoke with Moneycontrol.

Over the past six months, Mankind Pharma’s stock has increased by thirty percent. It made a great market launch on May 9th. With its Rs 4,326-crore IPO, the company became the largest domestic pharmaceutical player to do so since 2020, when Gland Pharma made its market debut with a Rs 6,480-crore offering.

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