The proposed acquisition involves Ipca Laboratories acquiring up to 59.38% of Unichem Laboratories.
The Competition Commission of India (CCI) on Thursday (July 27) granted approval to the proposed combination involving the acquisition of shareholding up to 59.38 percent of Unichem Laboratories Ltd by Ipca Laboratories Ltd.
✔️ Ipca Laboratories, the acquirer in this transaction, is a pharmaceutical company engaged in the manufacturing of formulations and active pharmaceutical ingredients across various therapeutic segments.
✔️ Unichem Laboratories, the target company, is actively involved in the sale of formulations, active pharmaceutical ingredients, intermediates, and contract-manufactured finished formulation dosages on a global scale.
The proposed combination pertains to proposed acquisition of ~33.38% of the issued and paid-up equity voting share capital (on a fully diluted basis) of the Target by the Acquirer pursuant to a share purchase agreement. Further, since the Acquirer is acquiring >25% shareholding in the Target, which is a listed company, the Acquirer is required to make an open offer for the purchase of equity shares up to 26% of the Target’s equity share capital in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Accordingly, the Acquirer will acquire up to 59.38% shareholding of the Target (Proposed Combination).
The CCI approved the proposed combination subject to compliance of undertaking voluntarily submitted by the Parties.
Source: CCI
