Mankind Pharma block deal: 0.9% stake sold for Rs 771 cr, Capital Group affiliate likely seller

Mankind Pharma

Around 37 lakh shares, representing a 0.9 percent equity in Mankind Pharma were sold through multiple block deals worth a total of Rs 771 core on July 10. The deals were executed at an average price of Rs 2,083 per share, implying a nearly one percent discount to the drugmaker's previous closing price.

While details of the parties involved in the transaction could not be immediately known, CNBC-TV18 reported earlier that the Capital Group affiliate Hema CIPEF was eyeing to pare a 0.9 percent stake in the drugmaker.

Shares of Mankind Pharma surged over 4 percent following the block deal. At 09.23 am, shares of Mankind Pharma were trading at Rs 2,169 on the NSE.

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Hema CIPEF owned a 2.22 percent stake in Mankind Pharma, as per the drugmaker's latest shareholding data.

The block deals were managed by Kotak Securities Ltd and IIFL Securities Ltd, who acted as the book runners and brokers for the transaction as per the report.

Mankind Pharma's net profit for the March quarter of FY24 jumped 65.1 percent on year to Rs 471.2 crore, compared to Rs 285.4 crore in the same period last year.

The company's revenue grew by 19 percent to Rs 2,441.1 crore from Rs 2,052.7 crore, a year ago. Operating profit (EBITDA) also went up by 41.8 percent to Rs 591.1 crore as against Rs 416.7 crore in the base quarter. Along with that, its EBITDA margin also improved to 24.2 percent in Q4 of FY24 from 20.3 percent in the preceding fiscal.

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