Ipca Laboratories has made an open offer to buy a 26 per cent stake or 35.7 lakh shares of Krebs Biochemicals & Industries at ₹54 a share. The open offer follows Ipca Labs subscribing to 23 lakh shares of Krebs Bio on a preferential basis, the company said in a notice to the stock exchanges. The transaction is subject to necessary approvals.
At the end of December, promoters hold 48.33 per cent stake in Krebs Biochemicals while institutions control just 1.36 per cent. Some 6,130 individual shareholders have 36.34 per cent stake in the company. Of them, just 24 high net worth shareholders control 12.14 per cent stake.
Ipca Labs posted a net profit of ₹41.53 crore for the quarter ended December 2014 on revenues of ₹740.65 crore, while Krebs Biochemicals has been making losses for successive quarters. On Friday, shares of Ipca Labs edged up 1.7 per cent at ₹680.95 on the BSE, while Krebs’ shares climbed 10 per cent to close at ₹68.95.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.