Cipla share price up nearly 2% on acquisition of remaining stake in Sri Lanka biz
Post-acquisition, Cipla Pharma Lanka will become a wholly owned subsidiary.
November 28, 2019 / 09:55 AM IST
Cipla share price gained nearly 2 percent in the early trade on November 28 after the company's subsidiary acquired the remaining stake in Cipla Pharma Lanka.
The company's wholly-owned subsidiary, Cipla (EU) Limited, holding 60 percent stake in Cipla Pharma Lanka, Sri Lanka, has signed an agreement with CitiHealth Imports to acquire the remaining 40 percent stake in Cipla Pharma Lanka.
Post-acquisition, Cipla Pharma Lanka will become a wholly-owned subsidiary.
The said transaction is expected to be completed before December 10, 2019, and cash consideration of LKR 400,000 to be paid on closing of the transaction.
Cipla Pharma Lanka is a private limited liability company incorporated in Sri Lanka in August 2014 having a market share of 6.5 percent in Sri Lankan market.
At 0924 hrs, Cipla was quoting at Rs 474.65, up Rs 6.90, or 1.48 percent on the BSE.