Mankind Pharma shares will be in focus tomorrow (February 8) as promoters and group members of the company are likely to sell a slice of their stake via a block deal tomorrow. This is specifically and only to comply with the minimum public shareholding norms of SEBI. According to SEBI, a promoter cannot hold more than 75% stake in a company.
The promoters and promoter group members of Mankind Pharma, Sheetal Arora, Arjun Juneja and Puja Juneja, will offload 0.45% stake (18 lakh shares), 0.6% stake (24.01 lakh shares) and 0.57% stake (22.7 lakh shares) respectively, the company said in a stock exchange filing on Wednesday. As of the latest shareholding pattern, Sheetal Arora currently holds 5.27% stake, while Arjun and Puja Juneja hold 2.64% and 3.45% stake in the company respectively.
According to sources, the block deal is likely to take place tomorrow and the total size of the block is worth Rs 1,330.4 crore. The block deal price is at a 3.7% discount to Wednesday’s closing price. The floor price for the block deal is Rs 2,050. Shares of Mankind Pharma ended Wednesday’s session at Rs 2,128.30 on the NSE.
The sellers in the block deal will have a 90-days lock in period after the deal and will be able to offload any further stake only after the lock in ends.