IPCA Lab to buy 33.4% stake in Unichem Lab for ₹1,034.06 crore
1 min read . Updated: 24 Apr 2023, 07:01 PM IST
Premium- On Monday, shares of IPCA closed 1.7% lower and Unichem's shares ended 3% higher, prior to the announcement of the acquisition
IPCA Laboratories Ltd has signed a definitive agreement with Unichem Laboratories Ltd to acquire 33.38% stake for ₹1,034.06 crore on Monday, according to an exchange filing.
In a regulatory statement, the company that manufactures Pacimol paracetamol tablets also stated that it would make an open offer to Unichem's shareholders to buy an additional 26% interest for ₹805.44 crore.
After receiving approval from the Competition Commission of India in accordance with the Competition Act, 2002, the shares would be purchased for ₹440 per share.
In another exchange filing, Unichem stated that as a condition of the agreement, the board of Unichem will approve the appointment of three IPCA nominees as additional directors.
On Monday, shares of IPCA closed 1.7% lower and Unichem's shares ended 3% higher, prior to the announcement of the acquisition