Mankind Pharma promoters will divest a 1.62% stake in the company to meet with minimum public shareholding requirement norms, the company said in an exchange filing.
The company’s promoters Sheetal Arora, Arjun Juneja, and Puja Juneja will divest their stakes. Sheetal Arora will be divesting 0.45%, 0.60% by Puneet Juneja, and 0.57% by Arjun Juneja of the total paid-up capital of the company aggregating to nearly 6.5 million shares.
After the completion sale, the promoters’ holding in the company will be reduced to 74.88% from the current 76.50%.
“I, Sheetal Arora or any person belonging to the Promoter and Promoter Group of the Company, shall not buy any share(s) in the open market on the dates on which the Equity Shares of the Company are being sold by myself, Mr. A1jun Juneja and Mrs. Puja Juneja as specified in the intimation to the BSE Limited and National Stock exchange of India Limited (together, “Stock Exchanges”) for the purpose of achieving minimum public shareholding requirements in compliance with the provisions of Rule 19(2)(b) and 19(A) of Securities Contracts (Regulation) Rules, 1957 and Regulation 38 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,” according to the exchange filing.