Drug firm Merck Ltd said Wednesday the government has approved the proposal of Procter & Gamble Overseas India BV to acquire up to 77.80 per cent stake in the company.
The Department of Pharmaceuticals has approved the proposal of Procter & Gamble Overseas India BV for acquisition of up to 77.80 per cent of the paid-up equity share capital of the company, Merck Ltd said in a filing to BSE.
The company further said out of the 77.80 per cent paid-up equity share capital, 51.80 per cent was held by current promoters and up to 26 per cent by public shareholders, it added.
In April this year, Merck Ltd had said that Procter & Gamble would acquire 51.80 per cent stake for Rs 1,289.88 crore in the company as part of a global deal under which P&G was taking over German firm Merck KGaA's international consumer health business.
In a regulatory filing then, Merck Ltd had said Procter & Gamble Overseas India B.V and The Procter & Gamble Company had launched up to Rs 647.53 crore open offer to acquire up to 4,315,840 equity shares of Merck Ltd, constituting 26 per cent stake, from public shareholders.
Shares of Merck Ltd today closed at Rs 2,882.80 on BSE, up 5 per cent from the previous close.