Mankind Pharma Ltd.'s stock rose over 5% after about 3.7 million of its shares changed hands on NSE in 15 block trades on Wednesday's pre-trade session.
Hema CIPEF Ltd. sold 0.9% stake in Mankind Pharma via block sale, according to terms of the deal obtained by Bloomberg News.
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The shares were offered at a floor price set at Rs 2,061 per share which is about 2% discount of its previous close. Mankind Pharma seeks to raise Rs 770 crore via the stake sale, which is being managed by Kotak Securities Ltd. and IIFL Securities Ltd.
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The Capital Group affiliate Hema CIPEF Ltd. had 2.2% stake in the pharma major as of March 2024, according to information on BSE.
Shares of Mankind Pharma rose as much as 5.32% intraday, before paring gains to trade 2.26% higher at Rs 2,150 apiece, compared to a 0.70% decline in the benchmark NSE Nifty 50 as of 12:16 p.m.
The stock has risen 24.46% in the last 12 months and 8.4% year-to-date. Total traded volume so far in the day stood at 5.5 times its 30-day average. The relative strength index was at 48.83.
Eleven out of the 15 analysts tracking the company have a 'buy' rating on the stock, three recommend a 'hold' and one suggests a 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 7.5%.
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