Mankind Pharma Founders To Sell Shares To Meet Free Float Norms
Following the divestment, their shareholding would be reduced to 74.88%.
Mankind Pharma Ltd. founders and promoters will offload shares between Feb. 8 and Feb. 15 to pare stake in compliance with the minimum public shareholding rules.
Chief Operating Officer Arjun Juneja will sell 24 lakh shares (0.60% equity), Director Puja Juneja will offload 22.7 lakh shares (0.57%), and Chief Executive Officer and Whole-time Director Sheetal Arora will sell 18.17 lakh shares (0.45%), the company said in an exchange filing on Wednesday.
The aggregate promoter group shareholding as of Wednesday was 76.50%. Following the divestment, their shareholding would be reduced to 74.88%.
According to norms set by the Securities and Exchange Board of India, companies have to bring the level of public shareholding to a minimum of 25%, within a period of three years from listing on the secondary market.
The drugmaker went public in May 2023.
Shares of Mankind Pharma closed 2.14% higher at Rs 2,141 apiece, ahead of the announcement on Wednesday, as compared with a 0.05% decline in the benchmark BSE Sensex.
