IPCA Labs acquires 33.38% in Unichem Labs, launches open offer

Ipca Laboratories Limited (“Acquirer”) has entered into a Share Purchase Agreement (SPA) on April 24, 2023 with Dr. Prakash Amrut Mody, the promoter of Unichem Laboratories Ltd (“Seller”) for acquisition of 2,35,01,440 Equity Shares of Rs. 2/- each of the Seller representing 33.38% of the paid-up capital of the Seller at a total consideration of Rs. 1034.06 crores (@ Rs. 440/- per Equity Share).

The execution of the SPA for the acquisition of equity shares of more than the threshold limit has triggered the open offer under SEBI SAST Regulations as amended from time to time. The Acquirer is therefore making an open offer to the public shareholders of the Seller to acquire upto 1,83,05,495 Equity Shares (26% of the paid-up and voting equity share capital) of the Seller @ Rs. 440/- per Equity Share aggregating to Rs 805.44 crores.