Ipca Labs gains on plan to acquire 50% stake in Avik Pharma

MUMBAI: Shares of Ipca Laboratories moved higher after the company entered into an agreement to acquire 50 per cent stake in Avik Pharmaceuticals for 6.51 crore.

The company will buy the stake partly through purchase of equity shares from existing shareholders and partly through subscription to fresh equity share capital on a preferential allotment basis.

Avik, an unlisted privately held company, is engaged in development, manufacturing and marketing of active pharmaceutical ingredients (APIs) in Gujarat.

At 10:30 a.m.; the stock was at Rs 690.95, up 1.16 per cent, on the BSE. It touched a high of Rs 695.05 and a low of Rs 689 in trade today.