Capital Group Affiliate Plans ₹762.6 Crore Stake Sale in Mankind Pharma

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Synopsis:

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.

Mankind Pharma Block Deal News Today

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.

Block Deal Details

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.

Previous Stake

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.

Financial Performance

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.

Operational Metrics

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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