Mankind Pharma: 0.9% Stake Sold for ₹771 Cr in Block Deal

On July 10, approximately 37 lakh shares, equating to a 0.9% equity stake in Mankind Pharma, were sold through block deals worth ₹771 crore. Although the specifics of the involved parties were not immediately clear, CNBC-TV18 had previously reported that Capital Group affiliate Hema CIPEF was considering reducing its 0.9% stake in the pharmaceutical company.

Following the block deal, Mankind Pharma share price saw a surge of over 4%. At 09:23 am IST, the shares were trading at ₹2,169 on the NSE. According to the latest shareholding data, Hema CIPEF held a 2.22% stake in Mankind Pharma. The block deals were facilitated by Kotak Securities Ltd and IIFL Securities Ltd, acting as the book runners and brokers for the transaction.

For the March quarter of FY24, Mankind Pharma reported a significant net profit increase of 65.1% year-on-year, reaching ₹471.2 crore compared to ₹285.4 crore in the same period the previous year. Mankind Pharma had launched its stock market debut in May of the previous year at an IPO price of ₹1,300 per share. The stock has since appreciated by 62% from its IPO price, ending 2% higher on the previous Tuesday.

As of the end of the March quarter, domestic mutual funds in India held an 8.57% stake in Mankind Pharma, while Foreign Portfolio Investors had a 9.87% stake.

The company’s revenue for the quarter grew by 19% to ₹2,441.1 crore from ₹2,052.7 crore a year earlier. Operating profit (EBITDA) increased by 41.8% to ₹591.1 crore, up from ₹416.7 crore in the base quarter. Additionally, the EBITDA margin improved to 24.2% in Q4 of FY24, up from 20.3% in the preceding fiscal year.

Mankind Pharma Limited is a pharmaceutical company. The Company focuses developing, manufacturing, and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products. Mankind Pharma serves customers in India.