Ipca Labs hikes stake in TWPL

Ipca laboratories announced that it added 6.53% stake in Trophic Wellness (TWPL) for total consideration of Rs 10.58 crore.

The company has acquired 2,64,600 equity shares of TWPL at Rs 400 per share between 9 December 2022 to 16 December 2022. Post acquisition, the company holds 58.88% of the paid up equity share capital of TWPL.

Trophic Wellness incorporated in the year 2010. It is debt free company and engaged in the business of manufacturing and marketing of several stock keeping units (SKUs) of Neutraceuticals under the brand name Nutricharge. Its net worth was Rs 101.42 crore in financial year 2021-2022. Its manufacturing facility is situated at Sikkim.

"This further acquisition of shares will consolidate the company's holding in this profitable subsidiary and will help the company to grow its neutraceuticals portfolio and business," the company said.

Ipca Laboratories is engaged in integrated pharmaceutical company manufacturing and marketing over 350 formulations and 80 API's covering various therapeutic segments.

The company's consolidated net profit declined 42.5% to Rs 143.90 crore despite of 3.7% rise in net sales to Rs 1,600.95 crore in Q2 FY23 over Q2 FY22.

Shares of Ipca Laboratories rose 0.42% on the BSE.

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