Cipla rallies over 1% on acquisition plans for Rs 100 crore
At 09:35 a.m.; Cipla was trading 0.6 per cent higher at Rs 560.75. It hit a low of Rs 559 and a high of Rs 565.40 in trade today.
By ET Online | Updated:
NEW DELHI: Cipla Ltd rose as much as 1.4 per cent in trade on Monday after the pharma major said it will acquire two manufacturing units from its contract manufacturer Okasa for Rs 100.93 crore.
At 09:35 a.m.; Cipla was trading 0.6 per cent higher at Rs 560.75. It hit a low of Rs 559 and a high of Rs 565.40 in trade today.
The acquisition will be carried out through the company's wholly owned subsidiary Medispray Laboratories. The decision was approved by Cipla board at its meeting held today.
"A significant portion of the capacities of the two undertakings are dedicated for the manufacture of Cipla's products. Acquisition of the aforesaid undertakings is expected to yield operational synergies," Cipla said in a filing to the BSE.
The consideration for the above two transactions are Rs 29 crore and Rs 71.93 crore respectively, it added.
At 09:35 a.m.; Cipla was trading 0.6 per cent higher at Rs 560.75. It hit a low of Rs 559 and a high of Rs 565.40 in trade today.
The acquisition will be carried out through the company's wholly owned subsidiary Medispray Laboratories. The decision was approved by Cipla board at its meeting held today.
"A significant portion of the capacities of the two undertakings are dedicated for the manufacture of Cipla's products. Acquisition of the aforesaid undertakings is expected to yield operational synergies," Cipla said in a filing to the BSE.
The consideration for the above two transactions are Rs 29 crore and Rs 71.93 crore respectively, it added.
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