CCI approves acquisition of 59.38 percent stake in Unichem Labs by Ipca Labs

The proposed combination pertains to proposed acquisition of ~33.38% of the issued and paid-up equity voting share capital (on a fully diluted basis) of the Target by the Acquirer pursuant to a share purchase agreement. Further, since the Acquirer is acquiring >25% shareholding in the Target, which is a listed company, the Acquirer is required to make an open offer for the purchase of equity shares up to 26% of the Target’s equity share capital in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Accordingly, the Acquirer will acquire up to 59.38% shareholding of the Target (Proposed Combination).

The CCI approved the proposed combination subject to compliance of undertaking voluntarily submitted by the Parties.

Detailed order of the CCI will follow.