Mankind Pharma Shares Rise As Capital Group Affiliate Offloads Nearly 1% Stake
Hema CIPEF Ltd. sold 0.9% stake in Mankind Pharma via block sale, according to terms of the deal obtained by Bloomberg News.
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.
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.
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%.
