Unichem Labs erases early gains from Ipca deal as profit-booking kicks in

Ipca Laboratories picked 33.38% stake in Unichem Labs after CCI approval.

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Shares of Mumbai-based Unichem Laboratories gained around 2 percent in early trade on August 3 after Ipca Laboratories picked up a 33.38 percent stake in it, but a strong run in the counter after around 5 percent rise in the past five sessions gave investors the room to book partial profits, pulling the stock into the red.

Around 10:30am, shares of Unichem Labs traded down 1 percent at 395.10 on the NSE.

Shares for Ipca Laboratories, on the other hand, were trading at Rs 911.40, higher by around 2 percent from yesterday’s close.

Ipca Laboratories bought 2.35 crore equity shares in Unichem through open market transactions at an average price of Rs 402.25 per share, amounting to Rs 945.34 crore after getting approval from the Competition Commission of India.  Unichem’s Chairman and Managing Director Prakash Amrut Mody, was the seller in this deal, as per the share purchase agreement.

On April 24, it was announced that lpca Laboratories had entered into a definitive Share Purchase Agreement for acquisition of 2,35,01,440 fully paid-up equity shares of Rs 2 each,· constituting 33.38 percent of the paid-up equity share capital of Unichem Laboratories.

Ipca is also awaiting the Sebi approval on an open offer made to the public shareholders of Unichecm, to acquire up to 26 percent stake in the company at a price of Rs 440 per share, amounting to Rs 805.44 crore.

The acquisition, which is aimed at providing Ipca reentry into the US markets has failed to evoke confidence among investors due to “an unfavourable risk-reward balance”. After the August 2 announcement, Ipca shares fell 1.6 percent to close at Rs 888, while Unichem Labs shares gained 0.1 percent to Rs 398.7.

In the recent June quarter earnings, Ipca reported a revenue growth of 36.68 percent from Rs 310 crore last year and net loss declined to Rs 0.67 crore from Rs 23 crore. The Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 431.93 percent from Rs. 6.89 crore a year back.