Beige to offload 2.9% stake in Mankind Pharma through block deals
Mint, Beige Ltd. is offering to sell up to 11.63 million shares, representing 2.9% of Mankind Pharma's total stake. Additionally, Link Investment Trust is also participating in the block deal, selling up to 58,385 shares (0.015% stake).
The total deal value is estimated to be around ₹2,459.5 crore ($295 million). The shares are being offered within a price range of ₹2,103.21 - ₹2,213.90 per share. This translates to a discount of 0.0% to 5.0% compared to Mankind Pharma's closing share price of ₹2,213.90 on the NSE on 22 March, 2024.
An email sent to a Mankind Pharma and ChrysCapital spokespersons remained unanswered. IIFL Securities Ltd. and Jefferies India Pvt.
Ltd. are managing the sale process. Abhilash Pagaria, head of Nuvama Quantitative & Alternative Research, believes including Mankind Pharma's revised shareholding for March by 16 April could qualify the stock for MSCI's May 2024 inclusion list.
“Nuvama Alternative & Quant Desk estimates a potential inflow of $156 million, equivalent to 5.9 million shares, with an impressive 15 days impact. We believe the stock, with limited float available, should continue to do well and easily cross ₹2,500 in a short time," he added. Currently, Beige Ltd.
holds a total of 2.99% stake in Mankind Pharma. After the sale, the holding will reduce to 0.09%. This comes amidst a stellar year for Mankind Pharma's stock price, which has surged by 98% so far this year, significantly outperforming the benchmark Nifty 50 index that has gained 30%.
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