Ipca Laboratories acquired an additional 19.29 percent in Unichem Laboratories, the company informed the exchanges on September 21. Ipca Labs purchased 1,35,79,571 equity shares for Rs 440 per share aggregating to a total of Rs 597.50 crore.
Through this transaction, Unichem Laboratories Ltd has now become a subsidiary of Ipca Labs. Post the acquisition, Ipca Laboratories holds 52.67 percent of Unichem Laboratories.
Ipca Labs acquired 33.38 percent of Unichem in August which triggered an open offer. Ipca Labs received the approval of the Competition Commission of India for this acquisition on July 27, 2023.
Unichem Laboratories was founded in 1944 by Amrut Mody. The company has a team of over 3,100 people and is headquartered in Mumbai. It has six drug manufacturing locations across the country. The Initial Public Offer of Unichem was made in 1962 and the Company’s equity shares are now listed on BSE Limited and NSE Limited.
Unichem has several pharma products that address the needs of relevant and growing therapeutic areas like gastroenterology, cardiology, diabetology, psychiatry, neurology, anti-bacterial, anti-infectives and pain management, according to the company.
Six subsidiaries of Unichem will now become subsidiaries of Ipca Labs.
Shares of Ipca Labs were trading at Rs 906.05 at 1.37 pm, down 0.79 percent on NSE in 21 September.
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