Mankind Pharma Block Deal: Beige sells 1.44 crore shares
Private equity firm Chrys Capital divested shares valued at ₹3,282 crore in Mankind Pharma, and Beige Ltd executed a block deal on December 12, selling 1.44 crore shares in Mankind Pharma at a rate of ₹1,832.43 per share.
Meanwhile, Hema CIPEF Ltd liquidated 56.2 lakh shares in the pharmaceutical company at a price of ₹1832.8 each, while Carinhill CIPEF Ltd divested 69.6 lakh shares, securing ₹1832.3 per share.
In the meantime, Kotak Mutual Funds acquired 2 million shares in the pharmaceutical company at a price of ₹1,832.30 per share.
A substantial block deal involving Mankind Pharma, valued at ₹6,395 crore, was successfully executed on the exchanges earlier in the day. Approximately 8.7 percent of the equity, equivalent to 3.5 crore shares of the pharmaceutical company, underwent a change in ownership.
According to Nuvama Alternative & Quantitative Research, Mankind Pharma had a free float of 10 percent before the recent deal. Following the substantial stake sale, the company anticipates a significant increase in its free float.
In today’s trading session, Mankind Pharma’s shares experienced a slight decline, settling at ₹1,849.45 per share on the BSE, marking a 3.61 percent decrease compared to the previous day’s closing price.
It’s worth noting that over the past six months, Mankind Pharma’s shares have shown a remarkable surge of approximately 30 percent, supported by the company’s consistent strong performance in the domestic pharmaceutical market.
The company’s IPO in April this year, amounting to ₹4,326 crore, was among the largest by a domestic pharmaceutical player since Gland Pharma’s ₹6,480-crore issue in 2020. Mankind Pharma also had a robust debut on the stock exchanges in May, listing at a 20 percent premium to its IPO price.
Mankind Pharma’s shares have yielded an impressive 30% return over the past 12 months, surpassing the Nifty Index, which posted gains of nearly 13% over the same period.
As per Trendlyne data, the stock is presently trading above its 50-day simple moving average (SMA). Momentum indicators, specifically the Relative Strength Index (RSI) and Money Flow Index (MFI), indicate that the stock is situated within a moderate range, registering values of 54 and 49, respectively.
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Published: 12 Dec 2023, 10:01 PM IST
