PE firm ChrysCapital’s affiliate entity Beige Ltd was reported to have issued a term sheet via its broker to sell up to 1.16 crore shares of Mankind Pharma at a price range of Rs 2,103.21 to Rs 2,214 per share.
Another shareholder Link Investment Trust was also reported to have sold a stake in the company. However, confirmation about the identity of the sellers would come only in the evening when stock exchanges release block deals data.
The stake sale comes after the shares have doubled in value for IPO investors. The pharma stock was listed at stock exchanges in May last year at a 20% premium to its issue price of Rs Rs 1,080.
According to Nuvama Alternative & Quantitative Research, if the revised shareholding for the March quarter is reported on exchanges by April 16, 2024, the stock should automatically qualify for MSCI May 2024 inclusion for the May 2024 review.
“We estimate the float to move to 25%, making the stock safe to qualify above Rs 1,850 levels at current global cutoff levels,” it said.Also read | Resilience and ambition have got us to where we are today, say Mankind’s Juneja brothersNuvama estimates a potential inflow of $156 million, equivalent to 5.9 million shares, with an impressive 15-day impact. The brokerage believes that the stock, with limited float available, should continue to do well and easily cross Rs 2,500 in a short time.
Mankind is already a member of the FTSE Index. According to Nuvama Alternative’s calculations, the expected increase in inflow is around 10 million.
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