Mankind Pharma: Three Major Investors Sell 7.6% Stake For Over Rs 5,500 Crore

Three major investors in Mankind Pharma Ltd. have sold a combined 7.61% stake in the company for over Rs 5,588 crore.

Hema Cipef (I) Ltd. sold over 56.2 lakh shares (1.40%) for Rs 1,832.8 apiece, while Cairnhill Cipef Ltd. sold over 69.6 lakh shares (1.73%) and Beige Ltd. sold 35 lakh shares (0.87%) for Rs 1,832.3 apiece, according to NSE data.

Beige sold another 1.44 crore share (3.59%) for Rs 1,832.43 apiece on the BSE.

As of September, Hema Cipef held 3.63% stake in the company, while Cairnhill Cipef and Beige held 1.74% and 7.46% stakes, respectively.

Kotak Fundsindia Midcap Fund bought over 20.2 lakh shares (0.50%) at Rs 1,832.30 apiece, according to data from the BSE.

Beige acquired 9.9% stake in Mankind Pharma for an average cost of Rs 550.44 apiece, while Cairnhill Cipef acquired 6.08% stake at an average cost of Rs 276.34 apiece.

The pharmaceutical company listed on the stock exchanges on May 9, and ended at a premium of 32.41% over the IPO price.

During its initial public offering, Beige and Cairnhill Cipef offloaded 2.49% and 4.34% stake in the company, respectively.

Shares of Mankind Pharma closed 3.65% lower at Rs 1,850 apiece on the NSE, after news reports of a potential stake sale. This compares with a 0.43% decline in the benchmark Nifty 50.