Five private equity funds—Beige Investment, Link Investment Fund, Cairnhill CIPEF, Cairhill CGPE, and Hema CIPEF—are likely to reduce their stake in Mankind Pharma via a block deal on Tuesday, December 12, according to CNBC-TV18 sources.
The floor price has likely been set at ₹1,785.65 per share, a nearly 7% discount to Monday's closing price of ₹1,920.05.
Sources added that the combined stake up for sale would be up to 7.9% under the upsize option at ₹5,649 crore, while the base size would be 6.9% at ₹4,935 crore.
Mankind Pharma likely to see change of hands up to 7.9% equity via block deal. Total block deal likely at ₹5,649 crore, with base size at ₹4,935 crore, sources to @VivekIyer72 pic.twitter.com/VVTfMaBDZs
— CNBC-TV18 (@CNBCTV18Live) December 11, 2023
So far this year, Mankind Pharma shares have gained 35%, while the one-month gain on the stock is 4.58%.
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 percent sales are from India.
Mankind Pharma's consolidated net profit for the second quarter rose 21% to ₹511 crore. The revenue from operations increased to ₹2,708 crore from ₹2,425 crore in the year-ago period.
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