Unichem Lab rises over 1% amid block deal announcement

Ipca Labs had informed the exchanges last week of receiving a go ahead from the Competition Commission of India for acquiring a majority stake in Unichem Labs.

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Shares of Unichem Laboratories gained over 1 percent in early trade on August 2 after a block deal involving a 33.4 percent equity in the company took place on the bourses.

However, strong gains of around 5 percent in the past week, prompted investors to book partial profits, pushing the stock into the red.

At 09.32 am, shares of Unichem Laboratories were trading 0.3 percent lower at Rs 397.20 on the National Stock Exchange.

Around 2.35 crore shares of the company changed hands on the exchanges in the block deal window at a floor price of Rs 402.25 per share, a near 1 percent premium to Tuesday’s closing price. The total transaction value was at Rs 945 crore.

Moneycontrol could not immediately identify the buyers and sellers involved in the transaction. However, another pharmaceutical company, Ipca Labs, which had previously announced plans of acquiring upto 59.38 percent stake in Unichem Labs, informed the exchanges last week of receiving a go-ahead for the transaction from the Competition Commission of India.

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Ipca’s proposed acquisition comprises of buying approximately 33.38 percent of the issued and paid-up equity voting share capital (on a fully diluted basis) of Unichem Laboratories.

Apart from that, the company also plans on making an open offer for another 26 percent stake in Unichem Laboratories, in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Ipca had also informed that it awaits approval from the SEBI on its draft open offer to acquire the additional stake in Unichem Labs.

Post the acquisition, Ipca is likely aiming to catch a point of re-entry in the US generics markets through Unichem’s resources. The drugmaker has already begun setting things in place by getting its manufacturing sites inspected by the US Food and Drug Administration in order to clear the path to re-enter the US market.

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