CCI approves Ipca Laboratories acquisition of majority stake in Unichem Laboratories

The proposed combination entails the acquisition of approximately 33.38 percent of the issued and paid-up equity voting share capital (on a fully diluted basis) of Unichem Laboratories by Ipca Laboratories, pursuant to a share purchase agreement.

Since Ipca Laboratories is acquiring more than 25 percent shareholding in target, which is a listed company, it is required to make an open offer for the purchase of equity shares up to 26 percent of Unichem Laboratories' equity share capital, in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Accordingly, this will lead to Ipca Laboratories ultimately holding up to 59.38 percent shareholding in Unichem Laboratories (Proposed Combination), making it a significant shareholder in the company.