Cipla has moved higher by 2% at Rs 388 after the pharmaceutical company said it has offered to buy a about a 51% stake in South African drug maker Cipla Medpro.
“The company is in preliminary discussion has made an indicative proposal in relation to the acquisition of an approximately 51% equity stake in Cipla Medpro, South Africa,” Cipla said in a statement.
Based on Cipla Medpro’s current shares outstanding and spot ZAR/$ exchange rates, total consideration payable by the company would be approximately $220 million (Rs 1,200 crore), it added.
At this stage, there is no certainty that these discussions will lead to firm offer being made or a transaction being consummated.
The stock opened at Rs 382 and touched high of Rs 389 on the BSE. As many as a combined 3.83 million have already changed hands on the counter so far against an average 2.3 million shares that were traded daily in past ten trading days.
