IPCA hits a new low
IPCA Labs, which had closed yesterday at Rs.825.55, opened lower today at Rs.797.45 and went down to hit a new 52-week low at Rs.751.05.
Unichem Labs, on the other hand is doing good as this is good money coming into its kitty; the stock opened 2.5% higher at Rs.396, its intraday high.
The market has given its decision to buy stake in Unichem Labs a thumbs down. IPCA is acquiring 33.38% stake in Unichem Labs from one of its promoter shareholder at a price of Rs. 440/share, aggregating Rs.1034 crore.
The company is also making an open offer to the shareholders of Unichem to acquire from them upto 26% stake as per SEBI’s acquisition rules.
The business and product range of lpca and that of Unichem complements each other’s business and product range.