Introduction:
Leading pharmaceutical company has announced plans to raise up to ₹3,000 crores through a Qualified Institutions Placement (QIP). The board has approved the issuance of equity shares with a floor price of ₹2,616.55 each to fund strategic expansion.
Share price movement of Mankind:
On December 17, 2024, Mankind Pharma Ltd opened at ₹2,748.65, up 2.14% from its previous close of ₹2,690.80. The stock reached a high of ₹2,753.00 (2.32%) and a low of ₹2,687.70. By 10:28 AM, it traded at ₹2,699.55, a 0.33% increase, with a market cap of ₹1,08,160.75 crore.
Mankind Pharma announces ₹3,000 Cr QIP:
Mankind Pharma Limited has announced plans to raise up to ₹3,000 crores through a Qualified Institutions Placement (QIP). The company’s board approved the move on December 16, 2024, with the floor price for the equity shares set at ₹2,616.55 each.
The QIP will involve the issuance of equity shares with a face value of ₹1 each, under the SEBI ICDR Regulations. The company has also set December 16, 2024, as the relevant date for pricing, and a discount of up to 5% on the floor price may be offered.
Mankind Pharma’s board and shareholders approved the fundraising initiative in prior meetings. The company aims to utilize the funds for expansion and other strategic purposes. Details of the issue are available on the company’s official website.
Recent news on Mankind:
As of November 26, 2024, the Delhi High Court granted relief to Mankind Pharma, restraining Gujarat-based Mankind Agri Seeds from using its trademark. The court passed an interim order in favor of Mankind Pharma in its infringement case.
Stock performance of Mankind for Period of 1 week, 6 months and 1 year:
Over the past week, the stock of Mankind Pharma Ltd. has gained 0.91%. In the last six months, it has risen by 22.5%, and over the past year, the stock has surged by 39.4%, reflecting strong performance.
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Shareholding pattern of Mankind:
| All values in % | Sep 2024 | Jun 2024 | Mar 2024 |
| Promoter | 74.90% | 74.90% | 74.90% |
| FII | 12.40% | 11.60% | 9.90% |
| DII | 9.90% | 9.90% | 11.10% |
| Public | 2.90% | 3.60% | 4.10% |
About Mankind:
Mankind Pharma (NSE: MANKIND) was founded in 1991 and specializes in pharmaceutical formulations, consumer healthcare, and animal healthcare. The company has expanded across chronic therapeutic areas, launching several successful products, and operates multiple manufacturing facilities in India.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.
