New Delhi: The Competition Commission of India (CCI) approves the proposed combination involving acquisition of shareholding up to 59.38% of Unichem Laboratories Limited by Ipca Laboratories Limited.
Ipca Laboratories Limited (acquirer) is a pharmaceutical company that manufactures formulations and active pharmaceutical ingredients for various therapeutic segments, said a CCI officer.
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Unichem Laboratories Limited (target) is active in the sale of formulations, active pharmaceutical ingredients, intermediates, and contract manufactured finished formulation dosages, globally.
The proposed combination pertains to proposed acquisition of ~33.38% of the issued and paid-up equity voting share capital (on a fully diluted basis) of the Target by the Acquirer pursuant to a share purchase agreement. Further, since the Acquirer is acquiring >25% shareholding in the Target, which is a listed company, the Acquirer is required to make an open offer for the purchase of equity shares up to 26% of the Target’s equity share capital in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
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Accordingly, the Acquirer will acquire up to 59.38% shareholding of the Target (Proposed Combination). The CCI approved the proposed combination subject to compliance of undertaking voluntarily submitted by the Parties.
