Ipca Labs shares tumble 9% on acquisition of stake in Unichem Laboratories

Ipca Laboratories has agreed to buy 33.38% of the paid-up equity share capital of Unichem Laboratories for INR1,034.06 crore ($160m). The acquisition is subject to the approval of the Competition Commission of India. Ipca Laboratories’ board of directors also approved making an open offer to the public shareholders of Unichem Laboratories to acquire up to 26% of the fully diluted outstanding equity share capital of the company at INR440 per share amounting to INR805.44 crore.