Mankind Pharma Promoters Sell 1.62% Stake to Meet Public Shareholding Norms in ₹1,330 Crore Block Deal

8 Feb 2024 , 11:11 AM

On February 8, approximately 6.49 million shares, equivalent to a 1.62% stake in Mankind Pharma, were traded in 24 block deals, as reported by Bloomberg. Promoters of Mankind Pharma, Sheetal Arora, Arjun Juneja, and Puja Juneja, are selling a combined stake of 1.62% to meet the minimum public shareholding requirement.

Market regulator SEBI mandates that all listed firms maintain a minimum public shareholding of 25%. The divestment, valued at around ₹1,330 crore, was launched on February 8 with a floor price of ₹2,050 per share in a block deal.

Kotak Mahindra Capital and IIFL Capital served as advisors for the deal. Mankind Pharma stock has witnessed a nearly 20% increase in the last six months.

As of February 7, the aggregate promoter and promoter group shareholding stood at 76.5% of the total paid-up equity share capital.

After the divestment, the aggregate promoter and promoter group shareholding is reduced to 74.88%, according to regulatory filings.

Mankind Pharma, headquartered in Delhi, is an Indian pharmaceutical and healthcare products company with a diverse product portfolio in therapeutic areas like antibiotics, gastrointestinal, cardiovascular, dermal, and erectile dysfunction medications.

As of 2023, the company operates 25 factories and 6 R&D centers in India, deriving 97% of its operating revenue from the Indian market, where it is reportedly the fourth-largest pharmaceutical company by domestic sales.

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