Ipca Laboratories said it has picked up 33.38 percent shares from one of Unichem Laboratories’ promoters, for ₹945 crore.
This follows the recent approval from the Competition Commission of India, Ipca told the stock exchanges. In April, Ipca had entered into an agreement to pick up 33.38 per cent equity in Unichem for ₹1,034.06 crore, with an eye on exports.
In its communication on Wednesday, Ipca said it has acquired 2,35,01,440 fully paid-up equity shares of ₹21 each, constituting about 33.38 per cent of the paid up equity share capital of Unichem Laboratories, from one of Unichem’s promoter shareholders, at ₹402.25 per equity share, amounting to ₹945.35 crores.
This was executed through a block deal on the National Stock Exchange, it said. Ipca has already made an open offer to Unichem’s public shareholders to acquire another 26 per cent of the fully diluted outstanding equity share capital at ₹440 per share aggregating to ₹805.44 crore.
The Draft Letter of Offer for the Open Offer was filed with SEBI on May 10 and SEBI’s observations on the DLOF are awaited, it said.
Ipca’s share price ended at ₹888.10 per share on the BSE, Wednesday, down 1.59 per cent.