Home / BUSINESS / Cipla surges on its arm signing agreement to acquire remaining 40% stake in Cipla Pharma Lanka

Cipla surges on its arm signing agreement to acquire remaining 40% stake in Cipla Pharma Lanka

Cipla is currently trading at Rs. 474.25, up by 6.50 points or 1.39% from its previous closing of Rs. 467.75 on the BSE.

The scrip opened at Rs. 474.00 and has touched a high and low of Rs. 476.35 and Rs. 472.20 respectively. So far 15987 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 585.50 on 27-May-2019 and a 52 week low of Rs. 389.55 on 11-Oct-2019.

Last one week high and low of the scrip stood at Rs. 490.00 and Rs. 464.90 respectively. The current market cap of the company is Rs. 37711.18 crore.

The promoters holding in the company stood at 36.68%, while Institutions and Non-Institutions held 41.79% and 21.53% respectively.

Cipla’s wholly owned subsidiary — Cipla (EU), holding 60% stake in Cipla Pharma Lanka, Sri Lanka, has signed an agreement with CitiHealth Imports to acquire the remaining 40% stake in Cipla Pharma Lanka. Post-acquisition, Cipla Pharma Lanka will become a wholly owned subsidiary.

The company will acquire 4 lakh issued and paid up capital of LKR 1 per share each representing 40% of the share capital of Cipla Pharma Lanka’s share capital on a fully diluted basis. The cost of acquisition is to be paid through cash consideration of LKR 400,000 on closing of transaction.

Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients. The company’s portfolio includes over 1500 products across wide range of therapeutic categories with one quality standard globally.

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