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

By admin

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