Mankind Pharma shares end 8-session losing streak on acquisition of BSV
The pharma company has acquired 100% stake in Bharat Serums and Vaccines Ltd (BSV), which will be funded through a combination of internal accruals and external debt.
The pharma company has acquired 100% stake in Bharat Serums and Vaccines Ltd (BSV), which will be funded through a combination of internal accruals and external debt.
The CCI has cleared Mankind Pharma's proposed acquisition of 100% stake in Bharat Serums and Vaccines for ₹13,630 crore.
Three private equity funds, namely Chrys Capital, Capital Group, and Everbridge Partners, were reportedly looking to sell stakes worth $592 million in Mankind Pharma via the block deal.
Mankind Pharma has reported 19.4% YoY rise in profit at ₹501.03 cr in Q2 FY24, while revenue from operations jumped 11.6% to ₹2,708.10 cr.
The pharma major reported 66% YoY growth in net profit at ₹494 crore, while sales rose 18% YoY to ₹2,579 crore in Q1FY24.
The newly listed pharma company reported 52% growth in profit at ₹294 crore, while revenue from operations rose 19% to ₹2,053 crore in Q4FY23.
The pharma stock, which made its market debut on May 9, has fallen as much as 9% in the last two sessions.
Despite today’s fall, Mankind Pharma shares trade 23.5% higher than its initial public offering (IPO) price of ₹1,080 per share
The IPO of the pharma company will open for subscription on April 25 and close on April 27.