Mumbai: Mankind Pharma Ltd’s shares declined 3.5% to ₹1853.10 on Tuesday following the execution of a bulk deal by private equity firm Beige Ltd.
Beige offloaded 3.59% of its holding, or 14.4 million shares, for ₹2,640.55 crore on the BSE at ₹1,832.43 per share. On 30 September it held 7.46% in the company. In a separate transaction on the NSE, Beige, along with two other PE funds, H.ema Cipef (I) and Cairnhill Cipef, offloaded about 4% stake in the pharma major collectively.
According to data from NSE Hema Cipef (I) Ltd sold a 1.4% stake, or 5.6 million shares, for ₹1,031.16 crore, Cairnhill Cipef divested 1.7%, or 6.96 million shares, for ₹1275.68 crore, and Beige offloaded a 0.87% stake, or 3.5 million shares for ₹641.3 crore. The PE firms cumulatively sold 16.08 million shares for ₹2,948 crore at ₹1832.46 per share. Post-transaction, Biege’s holdings in Mankind is at 3.86%. Meanwhile, Kotak Funds-India Midcap Fund capitalized on the dip, acquiring a 0.5% stake in the company by purchasing 2.03 million shares for ₹371.8 crore.
Founded by Ramesh Juneja, Mankind Phrama became a fully integrated pharmaceutical company in 1995. It specializes in the development, manufacturing, and marketing of a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, and manufactures some of the most widely-used consumer healthcare products, including Manforce Condoms, Prega News pregnancy test kits, and the Unwanted-72 emergency contraceptive.
In India’s consumer healthcare sector, Manforce has a 30% market share, leading the male condom category . Prega leads pregnancy test kit markets, commanding 80% share, and Unwanted-72 leads the emergency contraceptive category, with a 62% market share.
