Beige to offload 2.9% stake in Mankind Pharma through block dealsMutual FundBeige to offload 2.9% stake in Mankind Pharma through block deals

Beige to offload 2.9% stake in Mankind Pharma through block deals


Beige Ltd., an affiliate of ChrysCapital, is looking to sell a portion of its stake in Mankind Pharma Ltd. through block deals. As per a term sheet reviewed by Mint, Beige Ltd. is offering to sell up to 11.63 million shares, representing 2.9% of Mankind Pharma’s total stake. Additionally, Link Investment Trust is also participating in the block deal, selling up to 58,385 shares (0.015% stake).

The total deal value is estimated to be around 2,459.5 crore ($295 million).

The shares are being offered within a price range of 2,103.21 – 2,213.90 per share. This translates to a discount of 0.0% to 5.0% compared to Mankind Pharma’s closing share price of 2,213.90 on the NSE on 22 March, 2024.

An email sent to a Mankind Pharma and ChrysCapital spokespersons remained unanswered.

IIFL Securities Ltd. and Jefferies India Pvt. Ltd. are managing the sale process.

Abhilash Pagaria, head of Nuvama Quantitative & Alternative Research, believes including Mankind Pharma’s revised shareholding for March by 16 April could qualify the stock for MSCI’s May 2024 inclusion list. “Nuvama Alternative & Quant Desk estimates a potential inflow of $156 million, equivalent to 5.9 million shares, with an impressive 15 days impact. We believe the stock, with limited float available, should continue to do well and easily cross 2,500 in a short time,” he added.

Currently, Beige Ltd. holds a total of 2.99% stake in Mankind Pharma. After the sale, the holding will reduce to 0.09%. This comes amidst a stellar year for Mankind Pharma’s stock price, which has surged by 98% so far this year, significantly outperforming the benchmark Nifty 50 index that has gained 30%.

It’s noteworthy that on 12 December, 2023, Mankind Pharma sold 3.59% of its stake for 2,640.55 crore at 1,832.43 per share on the BSE. Interestingly, Kotak Mahindra Midcap Fund capitalized on the dip, acquiring a 0.5% stake (2.03 million shares) for 371.8 crore.

 

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Published: 26 Mar 2024, 10:59 AM IST

Disclaimer: Along with publishing our own news, we get news from various sources namely from news wires ANI, PTI, other reputed finance portals and individual journalists. We are not legally liable for any inaccuracies in the news and expect the reader to do their own due diligence.

http://ganesh@finplay.in

Finance enthusiast, Mutual fund expert.




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