Cipla climbs on acquisition plans worth Rs 100 crore

Cipla gains sfter Medispray Laboratories, subsidiary of the Company approved the acquisition of two manufacturing undertakings.

Shares of Cipla are trading nearly 1% higher after the company announced that Medispray Laboratories, a wholly owned subsidiary of the Company at its board meeting held on 05 September 2014 approved the acquisition of two manufacturing undertakings.

 

The consideration for the above two transactions are Rs. 29 crore and Rs. 71.93 crore respectively. The first manufacturing facility located at Goa is owned by Okasa and the second manufacturing facility located at Satara (Maharashtra) is owned by Okasa Pharma. Entities controlled by relatives of the promoters hold majority interest in the companies which own the aforesaid undertakings.

 

The stock opened at Rs 562, touched a high of Rs 565 and a low of Rs 559 on the BSE. A total 48,181 of shares have been exchanged on the BSE so far.