Cipla to sell 51 percent stake in Uganda arm for USD 25-30 million
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Mumbai: Pharma major Cipla Limited and its wholly owned subsidiaries, Cipla (EU) Limited, UK and Meditab Holdings Limited, Mauritius, have entered into a Share Purchase Agreement with Africa Capitalworks SSA 3 for the sale of 51.18 percent stake in Cipla Quality Chemical Industries Limited (CQCIL), Uganda. Subsequent to the sale, CQCIL will cease to be a subsidiary of Cipla.
"Consideration to be received by Cipla (EU) Limited and Meditab Holdings Limited shall be in the range of USD 25-30 million which shall be subject to annualised audited EBITDA of CQCIL for FY23 and other adjustments as agreed between the parties and stated in the Share Purchase Agreement," the company stated in a recent BSE filing.
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