Cipla to make further investment in GoApptiv Pvt Ltd

Cipla Limited (BSE: 500087; NSE: CIPLA EQ; and hereafter referred to as "Cipla") announced today that it has agreed to acquire additional stake for INR 25.90 er. in digital tech company GoApptiv Private Limited (hereinafter referred as "Goapptiv") and post completion of the deal, Cipla's total stake in GoApptiv will increase to 22.02% on a fully diluted basis. The investment will be made in equity shares and Compulsorily Convertible Preference Shares and is likely to be completed within 30 days or such other date mutually agreed between the parties and shall be subject to fulfillment of necessary closing conditions.

The company's earlier investment in GoApptiv in June 2020 has yielded growth and expanded Cipla's channel reach across lower tier towns in India.

Commenting on the development, Umang Vohra (MD and Global CEO, Cipla Limited) said, "This investment will further strengthen our partnership with GoApptiv enabling wider patient reach with affordable and quality drugs and end-to-end brand marketing and channel engagement across tier 2-6 towns in India. 'Caring for Life' is at the heart of what we do and will guide us towards making such strategic investments to help make a difference in the lives of our patients."

GoApptiv incorporated under the provisions of Companies Act, 2013, is a digital tech company engaged in the business of offering digital solutions to pharmaceutical companies for increasing patient reach. It offers end to end business solutions including distribution, digital solutions, integrated brand sales management, digital marketing, patient support and healthcare data analytics, channel engagement etc., for healthcare companies.

Shares of Cipla Limited was last trading in BSE at Rs. 932.25 as compared to the previous close of Rs. 933.40. The total number of shares traded during the day was 21655 in over 1445 trades.

The stock hit an intraday high of Rs. 946.20 and intraday low of 930.55. The net turnover during the day was Rs. 20333212.00.

Source : Equity Bulls

Keywords

Cipla INE059A01026 Investment GoApptiv DigitalTechCompany