A clutch of three private equity funds, namely Chrys Capital, Capital Group and Everbridge Partners, are looking to pare stake in Mankind Pharma worth at least $592 million via the block deal route, multiple industry sources in the know told Moneycontrol.
"At a base deal size, these three investors are looking to sell stake valued at around $592 million. Considering the up size option, the deal size may go up to $677 million," said one of the persons above.
A second person told Moneycontrol that the combined stake up for sale at base size would be 6.9 percent and for the upsize option, the combined stake size diluted by the three investors would be 7.9 percent.
Also Read: Why have MFs fallen in love with Mankind Pharma just a month since its listing?
A third person told Moneycontrol that investment banks Kotak Mahindra Capital and IIFL Capital were acting as advisors for the proposed block deal.
He added the floor price at Rs 1785.65 per share was at a seven percent discount to the closing price of Mankind Pharma on December 11 at Rs 1920.05 per share.
All the three persons above spoke to Moneycontrol on the condition of anonymity.
Also Read: How Mankind Pharma is consistently outperforming the Indian drug industry
Moneycontrol could not elicit an immediate comment from the 3 private equity investors or the bankers.
The Mankind Pharma stock has risen by 30 per cent in the last six months. It had a strong debut on the bourses on May 9 . The firm's Rs 4,326-crore IPO was one of the biggest by a domestic pharma player since Gland Pharma made its market debut with a Rs 6,480 -crore issue in 2020.
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