Mankind Pharma plunges ~5% as Rs 6,412 crore shares change hands

12 Dec 2023 , 12:15 PM

Mankind Pharma shares slipped roughly 5% following a block trade in which 8.7% shares worth Rs 6,412 crore changed hands.

Following the transaction, the stock experienced significant selling pressure, with more than 2.15 crore shares trading on the NSE at 9:40 a.m. At around this time, the market value of the shares was Rs 3,964.18 crore.

With the block deals, the stock’s free float is likely to rise from about 10% to almost 20%. If the stock increases 18% over its present price by January 17, it may be included to the MSCI Index.

According to reports, a 7.9% equity block sale was proposed, with 6.9% as the base issue and 1% as the greenshoe option. The size of the issue is estimated to be between Rs 4,935 and Rs 5,649. The expected offer price per share was Rs 1,786 (a 7% decrease from the Monday closing price).

At around 11.45 AM, Mankind Pharma was trading 2.29% lower at Rs 1,876 per piece, against the previous close of Rs 1,920.04 on NSE.

For feedback and suggestions, write to us at [e-mail]