ChrysCapital, Capital Group sell 7.6 percent stake in Mankind Pharma for Rs 5589 crore
New Delhi: ChrysCapital and Capital Group has divested a total of 7.6 per cent stake in pharmaceutical company Mankind Pharma for Rs 5,589 crore through open market transactions. Following the stake sale, shares of Mankind Pharma Ltd fell 3.65 per cent to close at Rs 1,850 apiece on the NSE. The stock declined 3.61 per cent to settle at Rs 1,849.45 on BSE.
Beige Ltd, an affiliate of private equity firm ChrysCapital, pared 4.47 per cent stake while Cairnhill CIPEF and Hema CIPEF (I) Ltd, (affiliates of Capital Group) offloaded a 3.14 per cent stake in Mankind Pharma.
As per the bulk deal data, Beige Ltd sold a total of 1,79,10,132 shares of Mankind Pharma on BSE and NSE, while Cairnhill CIPEF and Hema CIPEF (I) Ltd offloaded 1,25,88,400 shares of the company on NSE.
The shares were disposed of in the price range of Rs 1,832.30-1,832.80 apiece, taking the combined transaction value to Rs 5,588.71 crore.
After the transaction, Beige Ltd's shareholding declined to 2.99 per cent from 7.46 per cent, while Hema CIPEF (I) Ltd's stakeholding reduced to 2.23 per cent from 3.63 per cent.
Also, Cairnhill CIPEF sold its entire 1.74 per cent stake and exited the firm.
On the BSE, Kotak Funds India Midcap Fund acquired 20.29 lakh shares of Mankind Pharma at an average price of Rs 1,832.30 apiece, taking the deal size to Rs 372 crore.
Incorporated in 1991, Mankind Pharma develops, manufactures, and markets pharmaceutical formulations across various acute and chronic therapeutic areas and several consumer healthcare products.
Mankind produces branded generic drugs sold throughout India, with a uniquely deep reach in rural and semi-urban markets.
In May this year, Mankind Pharma's IPO had a stellar debut on the bourses. The company's Rs 4,326-crore IPO was one of the biggest by a domestic pharmaceutical player since Gland Pharma made its market debut with a Rs 6,479.5-crore IPO in 2020.
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