Drug firm Merck Ltd on Wednesday said the government has approved the proposal of Procter & Gamble Overseas India BV to acquire up to 77.80 percent stake in the company.
The Department of Pharmaceuticals has approved the proposal of Procter & Gamble Overseas India BV for acquisition of up to 77.80 percent of the paid-up equity share capital of the company, Merck Ltd said in a filing to BSE.
The company further said out of the 77.80 percent paid-up equity share capital, 51.80 percent was held by current promoters and up to 26 percent by public shareholders.
In April this year, Merck Ltd had said that Procter & Gamble would acquire 51.80 percent stake for Rs 1,289.88 crore in the company as part of a global deal under which P&G was taking over German firm Merck KGaA's international consumer health business.
In a regulatory filing then, Merck Ltd had said Procter & Gamble Overseas India B.V and The Procter & Gamble Company had launched up to Rs 647.53 crore open offer to acquire up to 4,315,840 equity shares of Merck Ltd, constituting 26 percent stake, from public shareholders.
First Published: Oct 11, 2018 6:01 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Why Google CEO is cautiously optimistic about the election year
May 16, 2024 9:51 AM
Mark Mobius reveals how markets will react if NDA wins 400+ Lok Sabha seats
May 15, 2024 8:09 PM
Wine shops and bars to remain shut for 4 days in Mumbai in 4 weeks, check details
May 15, 2024 7:52 PM
INDIA bloc will win majority seats in Bihar, says Tejashwi Yadav
May 15, 2024 4:20 PM