Ipca Labs to acquire 50% stake in Avik Pharmaceutical

The Mumbai-based Ipca Laboratories Ltd has agreed to acquire 50% stake in Avik Pharmaceutical Ltd for about Rs 6.5 crore. Ipca informed BSE that the company has entered into an agreement with Avik Pharmaceutical Ltd to acquire 50% of its paid-up equity share capital, partly through purchase of equity shares from its existing shareholders and partly through subscription to its fresh equity share capital on a preferential allotment basis, both aggregating to approx Rs 6.51 crores.
 
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Avik is an unlisted privately held company which was incorporated in the year 1979 and is currently engaged in the development, manufacturing and marketing of Active Pharmaceutical Ingredients (APIs) being steroids and male & female hormones from its manufacturing facilities situated at Vapi in Gujarat.