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Cipla has informed exchanges that it has completed the acquisition of Cipla Medpro South Africa. In a filing to the exchanges, Cipla said that it has completed the $512 million takeover deal and acquired 100% of the shares issued by Medpro.
Consequent to this, Cipla Medpro has been delisted from the Johannesburg Stock Exchange as of July 16.
Cipla had received approval from the Takeover Regulation Panel of South Africa on June 27, 2013. The company had offered to pay 10 rand per share for a 100% takeover of Cipla Medpro.
Majority of Cipla Medpro’s drugs were supplied by Cipla even though the company had never owned a stake in Medpro. Post this acquisition, the Indian drug-maker hopes to strengthen its African operations.
The scrip of Cipla was down 1.8% to Rs 400.50 per share on the BSE.
