Mankind Pharma promoters Sheetal Arora, Arjun Juneja and Puja Juneja have decided to sell a combined stake of 1.62 percent in the firm to comply with the requirements of minimum public shareholding, according to an exchange disclosure by the company.
As per market regulator Sebi's guidelines, all listed firms should maintain a minimum public shareholding of 25 per cent.
A block deal of around Rs 1,330 crores has been launched for the above divestment at a floor price of Rs 2,050 per share, sources told Moneycontrol on the condition of anonymity.
Kotak Mahindra Capital and IIFL Capital are acting as advisors on the proposed deal, they added. The Mankind Pharma stock has risen by nearly 20 per cent in the last six months. The company and the advisors could not be reached for an immediate comment.
The aggregate promoter and promoter group shareholding as on February 7, 2024, is 76.5 percent of the total paid-up equity share capital of the company.
Post completion of the aforesaid sale, the aggregate promoter and promoter group shareholding in the company would be reduced to 74.88 percent, as per the regulatory filing.
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