Unichem Laboratories surges after CCI approves acquisition of up to 59.38% stake of company by Ipca
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Unichem Laboratories is currently trading at Rs. 382.50, up by 2.40 points or 0.63% from its previous closing of Rs. 380.10 on the BSE.
The scrip opened at Rs. 385.00 and has touched a high and low of Rs. 394.35 and Rs. 382.50 respectively. So far 46382 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 467.00 on 03-Nov-2022 and a 52 week low of Rs. 262.20 on 10-Aug-2022.
Last one week high and low of the scrip stood at Rs. 394.35 and Rs. 376.00 respectively. The current market cap of the company is Rs. 2707.10 crore.
The promoters holding in the company stood at 50.93%, while Institutions and Non-Institutions held 11.26% and 37.80% respectively.
The Competition Commission of India (CCI) has approved acquisition of shareholding up to 59.38% of Unichem Laboratories (Target) by Ipca Laboratories (Acquirer). The CCI approved the proposed combination subject to compliance of undertaking voluntarily submitted by the Parties.
The proposed combination pertains to proposed acquisition of around 33.38% of the issued and paid-up equity voting share capital (on a fully diluted basis) of the Target by the Acquirer pursuant to a share purchase agreement. Further, since the Acquirer is acquiring >25% shareholding in the Target, which is a listed company, the Acquirer is required to make an open offer for the purchase of equity shares up to 26% of the Target’s equity share capital in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Accordingly, the Acquirer will acquire up to 59.38% shareholding of the Target (Proposed Combination).
Unichem Laboratories is an international, integrated, specialty pharmaceutical company.
