Promoters of Mankind Pharma divest 1.6% stake worth Rs 1,367 crore

Mankind Pharma promoters on Thursday divested a 1.62 per cent stake in the company for Rs 1,367 crore through open market transactions.

According to the block deal data available with the NSE, promoters Sheetal Arora, Puja Juneja, and Arjun Juneja offloaded a total of 64,89,534 shares in two tranches each, representing a 1.62 per cent stake in Mankind Pharma, on the NSE.

The shares were disposed of at an average price of Rs 2,107.35 apiece, taking the combined deal value to Rs 1,367.57 crore.

Through the latest transaction, the combined shareholding of promoter and promoter group entities have declined to 74.88 per cent stake from 76.50 per cent stakeholding (as of December quarter) in Mankind Pharma.

As per market regulations, all listed companies must maintain an minimum public shareholding of 25 per cent, while newly-listed firms are given three years to meet the requirement of 25 per cent public float.

Accordingly, after the stake sale, the company has complied with the norms with 25 per cent minimum public shareholding rules.

Meanwhile, SBI Mutual Fund (MF), Axis MF, Motilal Oswal MF, ICICI Prudential Life Insurance, New World Fund Inc, Morgan Stanley Asia Singapore, Monetary Authority of Singapore, Singapore Government, and International Monetary Fund, among others were the buyers.

On Thursday, shares of Mankind Pharma jumped 5.72 per cent to close at Rs 2,250 apiece on the NSE.

Last month, Mankind Pharma reported its consolidated net profit increased 55 per cent to Rs 460 crore for the third quarter ended December 2023.

The company had posted a net profit of Rs 296 crore in the October-December quarter of the last fiscal. Its revenue from operations rose to Rs 2,607 crore in the period under review from Rs 2,091 crore in the year-ago period.

First Published: Feb 08 2024 | 11:14 PM IST