Ipca Labs' board approves acquisition of over 26% stake in Lyka Labs

Lyka Labs is engaged in the manufacturing and marketing of injectables, lyophilized injectables and topical formulations

Ipca Laboratories on Wednesday said that its board of directors has approved the acquisition of 26.574% of the paid-up share capital of Lyka Labs for a cash consideration of Rs 97.89 crore.

The company's board has also approved entering into a joint management control agreement with the promoters of Lyka Labs.

Shares of Lyka Labs were locked in 5% upper circuit at Rs 135.60 on the BSE.

As per BSE bulk deals data, Ipca Laboratories purchased 17,74,142 shares (representing 6.184% stake) of Lyka Labs at an average price of Rs 126.11 per share on Wednesday (23 November 2021).

Ipca Labs had acquired 10.50 lakh