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Hema CIPEF, an affiliate of Capital Group, is selling a 0.9% stake in Mankind Pharma for ₹762.6 crore. The block deal at ₹2,061 per share represents a 2% discount to the market price, following the drug firm's strong financial performance.
Hema CIPEF, an affiliate of the US-based Capital Group, is set to divest a 0.9% stake in Mankind Pharma Ltd through block deals, valued at ₹762.6 crore. This move comes as part of Capital Group's ongoing strategy in the pharmaceutical sector.
The stake sale involves 37 lakh shares of Mankind Pharma at an issue price of ₹2,061 per share, which reflects a 2% discount to the Tuesday closing price of ₹2,102.50 on the NSE. Kotak Securities Ltd and IIFL Securities Ltd are facilitating the transaction as book runners and brokers.
As of March 31, 2024, Capital Group held a 2.22% stake in Mankind Pharma. In December of the previous year, Capital Group had divested a 3.14% stake in the company.
Mankind Pharma reported robust financial results for the fourth quarter ending March 31, 2024. The company recorded a significant 65.1% year-on-year increase in net profit, amounting to ₹471.2 crore compared to ₹285.4 crore in the same period last year. Revenue from operations also saw a notable 19% rise to ₹2,441.1 crore from ₹2,052.7 crore year-on-year.
At the operating level, Mankind Pharma's EBITDA surged by 41.8% to ₹591.1 crore in Q4 of FY24, up from ₹416.7 crore in Q4 of FY23. The EBITDA margin expanded to 24.2% from 20.3% year-on-year, indicating improved operational efficiency.
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