The Board of directors of IPCA Laboratories Ltd has approved the acquisition of 26.574% of the paid-up share capital of Lyka Labs Limited and entering into a Joint Management Control Agreement with the Promoters of the said company. Lyka Labs Ltd. is a company incorporated in the year 1976 under Companies Act, 1956 and is engaged in the business of manufacturing and marketing of injectables, lyophilized injectables and topical formulations.
Consequent to this acquisition of shares, the Company has also, made a public announcement to acquire 26% additional equity shares of the said company from its public shareholders under the SEBI (SAST) Regulations, 2011.
The open offer to acquire 74,59,400 fully paid up equity shares of face value of Rs.10/- each constituting 26% of the issued, subscribed, paid up and voting Share Capital of Target Company is being made at a price of Rs. 130.50 (Rupees One Hundred Thirty and Paise Fifty only) per Equity Share.
The target company is engaged in the manufacturing and marketing of injectables, lyophilized injectables and topical formulations. The major business of the company is from India and from rest of the world (ROW) markets. Products of the company are registered in several countries.
Ipca currently does not have any business directly from lyophilized injectables. Acquisition of this shareholding will enable the Company to enter into lucrative lyophilized injectables business in India and ROW markets.
The target company will also immensely benefit from marketing expertise of the Company in the branded generic formulations business of the ROW markets of Africa, Latin America, South East Asia and Middle East where Lyka Labs Ltd. is currently not doing business.
Shares of IPCA Laboratories Limited was last trading in BSE at Rs. 2057.70 as compared to the previous close of Rs. 2030.35. The total number of shares traded during the day was 18822 in over 3573 trades.
The stock hit an intraday high of Rs. 2111.40 and intraday low of 2006.65. The net turnover during the day was Rs. 38823022.00.
Shares of Lyka Labs Limited was last trading in BSE at Rs. 129.15 as compared to the previous close of Rs. 123.00. The total number of shares traded during the day was 1801530 in over 100 trades.
The stock hit an intraday high of Rs. 129.15 and intraday low of 129.15. The net turnover during the day was Rs. 227280437.00.