Ipca Laboratories, an Indian pharmaceutical company, witnessed a decline in its share value by up to 9.1%, hitting a nearly three-year low on Tuesday.
Reuters reported that this occurred following their decision to purchase a 33.38% stake in Unichem Laboratories for a sum of up to 10.34 billion rupees ($126.3 million).
Earlier, IPCA Laboratories Ltd has signed a definitive agreement with Unichem Laboratories Ltd to acquire 33.38% stake for ₹1,034.06 crore on Monday, according to an exchange filing.
In a regulatory statement, the company that manufactures Pacimol paracetamol tablets also stated that it would make an open offer to Unichem’s shareholders to buy an additional 26% interest for ₹805.44 crore.
After receiving approval from the Competition Commission of India in accordance with the Competition Act, 2002, the shares would be purchased for ₹440 per share.
In another exchange filing, Unichem stated that as a condition of the agreement, the board of Unichem will approve the appointment of three IPCA nominees as additional directors.
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