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Cipla Pharma Lanka to become wholly owned subsidiary of Cipla Ltd

Posted On: 2019-11-27 21:14:14


Cipla Ltd's wholly owned subsidiary Cipla (EU) Limited, holding 60% stake in Cipla Pharma Lanka (Private) Limited {Cipla Pharma Lanka), Sri Lanka, has signed an agreement with CitiHealth Imports (Private) Limited to acquire the remaining 40% stake in Cipla Pharma Lanka. Post-acquisition, Cipla Pharma Lanka will become a wholly owned subsidiary.

The company will acquire 400,000 issued and paid up capital of LKR 1 per share each representing 40% of the share capital of Cipla Pharma Lanka's share capital on a fully diluted basis.

The cost of acquisition is to be paid through cash consideration of LKR 400,000 on closing of transaction.

Cipla Pharma Lanka is a private limited liability company incorporated in Sri Lanka on 8th August, 2014 having a market share of 6.5% in Sri Lankan Market.

The Company was formed as a joint venture between Cipla (EU) and CitiHealth Imports (Private) Limited to conduct the activity of marketing and distribution of pharmaceutical products.

The Company has been consistently ranked amongst the top 3 as per IQVIA and is the Market Leader In Respiratory and Urology along with significant presence in Cardia and Acute therapies.

The turnover for FY 17 was LKR 2,608,451,783, for FY 18 it was LKR 3,136,112,558 and for FY 19 it was LKR 3,244,483,618.

Shares of CIPLA LTD. was last trading in BSE at Rs.468 as compared to the previous close of Rs. 478.3. The total number of shares traded during the day was 114132 in over 2425 trades.

The stock hit an intraday high of Rs. 474.8 and intraday low of 464.9. The net turnover during the day was Rs. 53409025.


Source: Equity Bulls

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