Cipla gains as arm to buy 40% stake in Cipla Pharma Lanka

Industry:    November, 2019

Shares of Cipla on Thursday rose nearly 2 per cent after the pharma major said its arm has signed an agreement with CitiHealth Imports to acquire remaining 40 per cent stake in Cipla Pharma Lanka.

The pharma company on Wednesday said its arm Cipla (EU) Ltd has signed an agreement with CitiHealth Imports to acquire remaining 40 per cent stake in Cipla Pharma Lanka.

Cipla (EU) Ltd already has a 60 per cent stake in Cipla Pharma Lanka Pvt Ltd. Post-acquisition, Cipla Pharma Lanka will become a wholly-owned subsidiary, Cipla said in a filing to the BSE.

The shares of the company closed 0.22 per cent higher at Rs 468.80 on BSE.
print
Source: