Mankind Pharma promoters to offload shares to meet minimum shareholding norms

The promoter group members, namely Sheetal Arora, Arjun Juneja, and Puja Juneja, will be divesting a portion of their shareholding during this period, according to an exchange filing.

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Consequently, the promoters of Mankind Pharma seek to decrease their stake from the current 76.5 percent to 74.88 percent. It is imperative to bring down the promoter holding below 75 percent to comply with the minimum shareholding norms.

Sheetal Arora intends to divest 0.45 percent of her shares, totaling 18.17 lakh shares, while Arjun Juneja plans to sell 0.6 percent, equivalent to 24.01 lakh shares. Puja Juneja is also set to sell 22.7 lakh shares, representing 0.57 percent of her shareholding, according to the filing.

The specific selling price for their stake reduction has not yet been determined.

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As of now, Sheetal Arora holds a 5.27 percent stake in the company, while Arjun and Puja Juneja possess stakes of 2.64 percent and 3.45 percent, respectively.

Mankind Pharma made its debut in May 2023, trading at a 32 percent premium to its initial issue price of ₹1,080. The company’s ₹4,326 crore IPO marked the largest offering by a pharmaceutical firm since Gland Pharma, which raised ₹6,480 crore through its IPO in 2020. Notably, Mankind Pharma’s IPO comprised entirely of an Offer for Sale.

Currently, shares of Mankind Pharma are trading 1.5 percent higher at ₹2,128. Remarkably, the stock has doubled in value from its IPO price within just one year. Mankind Pharma stock has risen by nearly 20 percent in the last six months.

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Published: 07 Feb 2024, 06:01 PM IST