Mankind Pharma stock drops nearly 5% on large block deals

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₹1,827.50 apiece. This downturn came after 3.01 crore shares of the company changed hands in a block deal window on Tuesday. The total worth of the transaction was around ₹5,550 crore.

The buyers and sellers, however, were not known immediately. Five private equity funds, including Beige Investment, Link Investment Fund, Cairnhill CIPEF, Cairhill CGPE, and Hema CIPEF, are likely to reduce their stake in Mankind Pharma on Tuesday, CNBC TV 18 reported on Monday, citing sources. The floor price for the potential sale is reportedly set at ₹1,785.65 per share, representing a nearly 7% discount to Monday's closing price of ₹1,920.05.

Sources told the CNBC TV 18 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. Also Read: IREDA share price hits all-time high, up 218% from its issue price Mankind Pharma develops and manufactures pharma formulations across various acute and chronic therapeutic areas and owns several consumer healthcare brands. MPL has around 36 brands, including Manforce, Prega News, Unwanted 72, Moxikind, and Nurokind, with several products ranking in the Top 10 in the covered markets.

Also Read: Orchid Pharma: Investec initiates coverage with 'buy', sees 23% upside – 5 key reasons The company's shares debuted on the Indian stock exchanges on May 09, 2023, for ₹1,422, reflecting a 31.7% premium over the issue price of ₹1,080 apiece. The stock has sustained its upward trajectory since its listing, reaching a milestone in November by surpassing the ₹2,000 mark and hitting a new peak at ₹2,041.15 apiece. Taking the current market price of ₹1,876 into consideration, the stock is up 76% over its issue price.