Mankind Pharma Promoters to Divest Shares to Meet Minimum Public Shareholding Requirement

8 Feb 2024 , 11:51 AM

According to an exchange report made by the company, Mankind Pharma promoters Sheetal Arora, Arjun Juneja, and Puja Juneja have chosen to sell a combined 1.62% of the company in order to meet the minimum public shareholding requirements.

All listed companies are required by the market regulator SEBI to keep a minimum of 25% of their shares open to the public.

According to sources who spoke to Moneycontrol under condition of anonymity, a block sale of about ₹1,330 Crores has been announced for the aforementioned disposal at a floor price of ₹2,050 per share.

They further mentioned that IIFL Capital and Kotak Mahindra Capital are serving as consultants on the proposed transaction. Within the past six months, Mankind Pharma’s stock has increased by about twenty %. We were unable to get in touch with the advisors or the organization for an instant response.

As of February 7, 2024, the combined promoter and promoter group shareholding amounts to 76.5% of the company’s entire paid-up equity share capital.

According to the regulatory filing, the promoter and promoter group’s total interest in the business would drop to 74.88% after the aforementioned sale is completed.

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