Cipla to acquire stake in GoApptiv Private Ltd

Cipla has signed agreements on 9th June 2020, to acquire shares representing 21.85% stake in GoApptiv Private Limited on a fully diluted basis.

GoApptiv offers digital solutions for integrated brand sales management, digital marketing, channel engagement for pharmaceutical companies. It also provides digital solutions for customer relationship management, patient support and data integration, artificial intelligence / machine learning based healthcare data analytics.

The Company has recorded revenues of INR 19.03 Cr for the financial year ending on March 31, 2020; INR 2.48 Cr for the financial year ending on March 31, 2019; and INR 1.23 Cr in the financial year ending March 31, 2018.

Through an equity investment, Cipla will strengthen its partnership with GoApptiv so as to enable widening reach of its key brands in the Tier 3+ towns through GoApptiv's solutions for end-to-end brand marketing and channel engagement.

The Acquisition of 21.85% stake on a fully diluted basis will be competed in two stages:

The first stage - subscription of 15,392 (Fifteen thousand three hundred and ninety-two only) Compulsorily Convertible Preference Shares and purchase of 6,927 (Six thousand nine hundred and twenty seven only) Equity Shares is expected to be closed within 30 days from the execution date, subject to certain conditions precedent (Hereinafter referred to as First Stage).

The second stage - subscription of 12,314 (Twelve thousand three hundred and fourteen only) Compulsorily Convertible Preference Shares is expected to close by 31st October 2020, subject to certain conditions precedent (Hereinafter referred to as Second Stage).

Shares of CIPLA LTD. was last trading in BSE at Rs.635.25 as compared to the previous close of Rs. 651.1. The total number of shares traded during the day was 242726 in over 4542 trades.

The stock hit an intraday high of Rs. 657.7 and intraday low of 633.5. The net turnover during the day was Rs. 155443236.

Source : Equity Bulls

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