Shibam Group Holding Limited entered into a binding term sheet to acquire additional 51% stake in Saba Investment Ltd from Cipla Limited for $6.5 million.

Shibam Group Holding Limited entered into a binding term sheet to acquire additional 51% stake in Saba Investment Ltd from Cipla Limited (NSEI:CIPLA) for $6.5 million on May 15, 2023. Shibam Group Holding Limited currently holds a stake of 49% in Saba.Transaction is expected to close on within 120 days from the date of signing of the binding term sheet or upon satisfaction of closing conditions as agreed in the definitive agreement.