Ipca will acquire 33.38% stake in Unichem Laboratories for Rs 1,034.06 crore.
The purchase of 2,35,01,440 fully paid-up equity shares worth Rs 21 each, or about 33.38% of the paid-up share capital of Unichem Laboratories, a listed entity, from one of its promoter shareholders for a price of Rs 440 per equity share, amounting to R 1034.06 crore, was approved by the board, according to a filing with the exchange by Ipca.
Competition Commission of India must approve this proposed transaction.
According to the company, ‘The board of directors also approved making an open offer to the public shareholders of Unichem Laboratories to acquire from them up to 26% of the fully diluted outstanding equity share capital of the said company at Rs 440/- per share totaling Rs 805.44 crore.’
Ipca’s shares concluded Monday’s trading session 1.9% lower than the previous day’s closing price of Rs841.3 a share, at Rs825.5. The stock has dropped over 17% over the past year, and over 12% over the past six months.
Amrut Mody, a pioneer in the Indian pharmaceuticals industry, launched Unichem in 1944 as a solo proprietorship corporation. Unichem is a global, integrated, specialty pharmaceutical company. It produces and sells a wide variety of pharmaceutical formulations both as branded generics and generics in a number of international marketplaces, with the United States of America and Europe serving as the two largest markets.
Manufacturing facilities for Unichem formulations are located in Goa, Ghaziabad, and Baddi in Himachal Pradesh. The manufacturing facilities for Active Pharmaceutical Ingredients (API) are located in Roha, Kolhapur, and Pithampur, respectively, in Maharashtra.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
Invest wise with Expert advice
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.