Ipca Laboratories surges on acquiring 33.38% stake in Unichem Laboratories
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Ipca Laboratories is currently trading at Rs. 913.45, up by 25.35 points or 2.85% from its previous closing of Rs. 888.10 on the BSE.
The scrip opened at Rs. 882.15 and has touched a high and low of Rs. 921.85 and Rs. 882.15 respectively. So far 10358 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1033.50 on 05-Aug-2022 and a 52 week low of Rs. 670.00 on 22-May-2023.
Last one week high and low of the scrip stood at Rs. 921.85 and Rs. 827.00 respectively. The current market cap of the company is Rs. 23196.18 crore.
The promoters holding in the company stood at 46.29%, while Institutions and Non-Institutions held 45.23% and 8.47% respectively.
Ipca Laboratories has acquired 2,35,01,440 fully paid-up equity shares of Rs 2 each, constituting about 33.38% of the paid up equity share capital of Unichem Laboratories, from one of Unichem’s promoter shareholder, at a price Rs 402.25 per equity share for Rs 945.35 crore. This deal was executed through block deal mechanism of National Stock Exchange of India (NSE).
Earlier, the company got approval from the Competition Commission of India (CCI) for a 59.38% stake purchase in listed Unichem Laboratories. The company has already made an open offer to Unichem's shareholders to acquire another 26% of the fully diluted outstanding equity share capital of the company at a price of Rs 440 per share, aggregating to Rs 805.44 crore. The business and products range of the Company and that of Unichem Laboratories, both of whom are in the pharmaceuticals business, complements each others business/product range.
Ipca Laboratories is engaged in manufacturing of active pharmaceutical ingredients and formulations.
