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  1. Mankind Pharma block deal: Shares worth ₹770 cr change hands; Stock rise 5%

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Mankind Pharma block deal: Shares worth ₹770 cr change hands; Stock rise 5%

Upstox

2 min read | Updated on July 10, 2024, 11:52 IST

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SUMMARY

The average price of the transactions was ₹2,083 per share, aggregating into a total deal value of ₹770.71 crore. According to reports, the floor price of the deal was fixed at ₹2,061 per share, which was 2% lower than the stock’s closing price in the previous session.

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Mankind Pharma up 5% after block deals worth ₹771 crore

Mankind Pharma up 5% after block deals worth ₹771 crore

Mankind Pharma Ltd shares gained over 5% in trade on Wednesday, July 10, after multiple block deals were executed on the stock counter.

According to data available from the stock exchanges, as many as 37 lakh shares, or 0.9% of the company's equity, changed hands through open market transactions.

The average price of the transactions was ₹2,083 per share, aggregating into a total deal value of ₹770.71 crore.

The average price was nearly 1% lower than the Mankind Pharma stock’s previous close of ₹2,102.5 apiece on Tuesday on the NSE.

Mankind Pharma shares jumped as much as 5.3% in morning trade on Wednesday to hit an intraday high of ₹2,214.25 apiece on NSE.

The buyers and sellers in the deals were not immediately known. However, media reports said that Hema CIPEF—the affiliate entity of the US-based Capital Group—was looking to sell a 0.9% stake, or 37 lakh shares, in Mankind Pharma for nearly ₹762.6 crore. Hema CIPEF owned a 2.22% stake in Mankind Pharma as of the end of the March 2024 quarter.

According to reports, the floor price of the deal was fixed at ₹2,061 per share, which was 2% lower than the stock’s closing price in the previous session.

Mankind Pharma was in the news last week after media reports said that the company was one of the front-runners in the bid to buy Bharat Vaccines and Serums from private equity firm Advent International.

According to reports, Mankind Pharma has reportedly made an aggressive bid at the upper end of the deal size of around $1.7-2 billion.

At 11:15 a.m., Mankind Pharma shares were trading at ₹2,150 apiece, up 2.26%, on the NSE.

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