 "M&As, Mergers and acquisitions")
Ipca Laboratories on Wednesday said it has completed the acquisition of a 33.38 per cent stake in Unichem for Rs 945.35 crore.
Last week, Ipca got approval from the Competition Commission of India (CCI) for a 59.38 per cent stake purchase in listed Unichem Laboratories.
"Post receipt of approval of CCI, the company has acquired 2,35,01,440 fully paid-up equity shares of Rs 2 each, constituting about 33.38 per cent of the paid-up equity share capital of Unichem Laboratories from one of Unichem's promoter shareholders, at a price of Rs 402.25 per equity share aggregating to Rs 945.35 crore," Ipca said in a regulatory filing.
The deal was executed through a block deal on the National Stock Exchange (NSE), it added.
Ipca has already made an open offer to Unichem's shareholders to acquire another 26 per cent of the fully diluted outstanding equity share capital of the company at a price of Rs 440 per share, aggregating to Rs 805.44 crore.
The Draft Letter of Offer (DLOF) for the open offer was filed with Sebi on May 10, and its observations/ comments on the DLOF are awaited, the company said.
In April this year, Ipca Laboratories said 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.
Additionally, the company's board has also given the go-ahead to make an open offer to Unichem Laboratories' public shareholders to purchase from them up to 26 per cent of the fully diluted outstanding equity share capital of Unichem.
Shares of Ipca Laboratories fell 1.37 per cent to close at Rs 890 apiece, while the scrip of Unichem gained 0.43 per cent to settle at Rs 400 per piece on the NSE.
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