The Bachchan family is selling its 36 per cent holding in Ipca Labs, the Mumbai-based pharma company to the four whole time directors in the company. Company sources said details are being worked out and shares will change hands in two months.
The company did not reveal its estimated cost, but market sources peg the figure at Rs 80 crore, which is a huge premium over the current market price of Rs 108.
The sale is expected to attract provisions of the old takeover code still in place. Two directors, P Godha and M R Chandurkar already have a 18 per cent stake each and the proposed sale will result in the combined stake of the directors rising to 54 per cent.
Under section 9 (2) of the Sebi's substantial acquisition of shares and takeovers, 1994," any acquirer holding more than 10 per cent stake in a company shall not acquire any further shares through negotiations unless, the acquirer makes a public announcement to acquire shares at a minimum offer price from other shareholders of the company."
The Ipca scrip witnessed active trading on Thursday. It jumped from Rs 105 on opening, to a high of Rs 115.50, closing at Rs 108 on the BSE.
On the National Stock Exchange, the stock opened at Rs 104 and closed at Rs 102.50 after touching a high of Rs 107.50 and a low of Rs 99.
Leading M&A specialists said this development might result in the effective management of the company being transferred to the two managing directors as they will now have substantial say in the company's affairs.
An individual who holds 26 per cent or more of a company's share capital can block a resolution proposed at the company's meeting, said a practising chartered accountant.
Of the Rs 12.49-crore equity, the Bachchan family, including Ajitabh, Amitabh, Jaya and Abhishek hold 36 per cent the two directors hold 18 per cent and the rest is with public and financial institutions.
While A K Jain, one of the directors declined to comment, P Godha could not be contacted.
