Ipca Labs offers to buy 30% of Tonira Pharma

MUMBAI: Drug maker Ipca Laboratories Ltd said on Monday it had made an open offer to buy 2.4 million shares of Tonira Pharma Ltd at Rs 29 each.

The offer to buy 30 per cent of Tonira's equity opens December 26 and closes January 15, 2008, Ipca said in a statement.

Ipca shares closed 5.5 per cent up at Rs 691.50 and Tonira ended nearly 5 per cent higher at Rs 29.80 in a weak Mumbai market.