Mankind Pharma jumps over 5% after promoters announce selling their 1.62% stake through block deal

Mankind Pharma Share Price: Mankind Pharma shares got a morning boost on BSE on Thursday (February 8, 2024) after the company announced that its promoters would sell their 1.62 per cent stake through a block deal.

The stock of the company was trading higher by 5.12 per cent, or Rs 108.90, at Rs 2237.00 at 9:44 am on Thursday.

What is Mankind Pharma's block deal?

Promoters will sell their 1.62% stake through the block deal. 

The promoters will sell their 64.9 lakh shares worth Rs 1330 crore through this deal.

The floor price of the Mankind Pharma share has been fixed at Rs 2050/share for the deal.

The deal is at a 3.7 per cent discount from the current share price.

Divulging more details about the deal, Mankind Pharma said in a BSE filing on Wednesday.

1) Mr. Sheetal Arora, Mr. Arjun Juneja and Mrs. Puja Juneja, Promoter and Promoter Group members of the Company have conveyed to us their intention to sell the
Equity Shares to enable us to comply with the requirements of minimum public shareholding.

Mr. Sheetal Arora: Up to 0.45 per cent of the total paid up equity share capital of the company aggregating to 18,17,070 shares.

(ii) Mr. Arjun Juneja: Up to 0.60 per cent of the total paid up equity share capital of the company aggregating to 24,01,128 shares.

(iii) Mrs. Puja Juneja: Up to 0.57 per cent of the total paid up equity share capital of the company aggregating to 22,71,336 shares.