Cipla to purchase additional stake in GoApptiv for Rs 26 crore
The company's earlier investment in GoApptiv in June 2020 has yielded growth and expanded Cipla's channel reach across lower tier towns in India.;
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Mumbai: Drugmaker, Cipla Limited, has recently announced that the company has agreed to acquire additional stake for Rs 25.90 crore in digital tech company GoApptiv Private Limited and post completion of the deal, Cipla's total stake in GoApptiv will increase to 22.02% on a fully diluted basis.
The investment will be made in equity shares and Compulsorily Convertible Preference Shares and is likely to be completed within 30 days or such other date mutually agreed between the parties and shall be subject to fulfillment of necessary closing conditions.
Cipla Limited is an Indian multinational pharmaceutical and biotechnology company, headquartered in Mumbai, India. The Company was founded by Khwaja Abdul Hamied in 1935 in Mumbai. Cipla primarily develops medicines to treat respiratory, cardiovascular disease, arthritis, diabetes, weight control, depression, and other medical conditions.
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