Beige Ltd, an affiliate of private equity firm ChrysCapital, is likely to sell up to 2.90% of its stake in drug firm Mankind Pharma Ltd through block deals, offering shares at a price range of ₹2,103-₹2,214, sources privy to the development told CNBC-TV18.
The deal is estimated to be worth ₹2,460 crore, according to multiple people familiar with the development. Beige Ltd currently holds a 2.99% stake in Mankind Pharma Ltd
Interestingly, the offer price of these block deals comes at a slight discount, ranging from 0-5% below the current market price (CMP), sources in the know told CNBC-TV18.
Mankind Pharma made its debut on bourses on May 9, 2023, listing at ₹1,300 apiece against the issue price of ₹1,026-1,080 per share—a 20.4% premium to the issue price.
The pharmaceutical and consumer health company's over ₹4,300 crore initial public offering (IPO) opened for subscription on April 25 and concluded on April 27.
Mankind Pharma, the fourth largest pharma company in terms of domestic sales, is the manufacturer of popular brands like Manforce, PregaNews, and Unwanted 72, which have gained immense popularity among consumers. The company's 98% sales are from India.
Shares of Mankind Pharma Ltd ended at ₹2,208.20 on Friday (March 22), up by ₹73.85, or 3.46%, on the BSE.
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