Ipca Laboratories said on Monday that its board of directors has approved the acquisition of 33.38 per cent of the paid-up share capital of Unichem Laboratories for Rs 1,034 crore from one of its promoter shareholders.
Ipca is acquiring the stake at Rs 440 per equity share. The acquisition is subject to the fulfilment of terms and conditions as per the share purchase agreement, and statutory approvals from the Competition Commission of India, the company added.
Additionally, the company's board of directors has also given the go-ahead to make an open offer to Unichem Laboratories's public shareholders in order to purchase from them up to 26 per cent of the fully diluted outstanding equity share capital of the said company for a price of Rs 440 per share aggregating to Rs 805.44 crore.
