Cipla gains as Cipla Medpro deal gets shareholders' approval
The move would help Cipla to integrate its marketing or front-end arm in South Africa.
Cipla is trading higher by 3% to Rs 422 after the pharmaceutical company said the shareholders of Cipla Medpro South Africa have approved the takeover offer of company.
On February 28, 2013, Cipla had made a cash offer to acquire 100% shareholding of Cipla Medpro, and its shareholders have approved the takeover offer from Cipla at 10 Rand per share.
The move would help Cipla to integrate its marketing or front-end arm in South Africa with its manufacturing, regulatory and research units, they had added. Over 90% of Cipla Medpro’s supplies are from Cipla.
The stock opened at Rs 411 and hit a low of Rs 409 in early morning trades on BSE. A combined 1.32 million shares changed hands on the counter till early noon deals on BSE and NSE.
On February 28, 2013, Cipla had made a cash offer to acquire 100% shareholding of Cipla Medpro, and its shareholders have approved the takeover offer from Cipla at 10 Rand per share.
The move would help Cipla to integrate its marketing or front-end arm in South Africa with its manufacturing, regulatory and research units, they had added. Over 90% of Cipla Medpro’s supplies are from Cipla.
The stock opened at Rs 411 and hit a low of Rs 409 in early morning trades on BSE. A combined 1.32 million shares changed hands on the counter till early noon deals on BSE and NSE.