Ipca Laboratories Limited (NSEI:IPCALAB) made an offer to acquire a 26% stake in Unichem Laboratories Limited (BSE:506690) for INR 8 billion on April 24, 2023. The offer price per share is INR 440. Transaction is to be paid in cash and will be funded from Ipca's retained earnings. Prakash Amrut Mody has stepped down from the role of Managing Director and is re-designated as a Non-Executive, Non-Independent Director, Chairman of the Unichem Laboratories, Dilip Kunkolienkar (Director Technical), resigned with effect from the close of business hours on August 9, 2023. Pranay Godha, Managing Director of Ipca Laboratories, has been appointed as additional non-executive, non-independent director of Unichem Laboratories and Pabitrakumar K Bhattacharyya, President Operations (API) of Ipca Laboratories, has been appointed as additional director designated as the Managing Director of Unichem Laboratories (subject to the approval of the shareholders of Unichem Laboratories). The offer is subject to CCI approval. The tender offer will commence on August 28, 2023, and close on September 8, 2023. As of July 27, 2023, the transaction has been approved by Competition Commission of India (CCI). The open offer for Unichem Laboratories opened on August 28, 2023. Arihant Capital Markets Limited acted as manager to the offeror. Link Intime India Pvt. Ltd. acted as registrar to Ipca Laboratories. Bhavik Narsana, Arindam Ghosh, Shabnam Shaikh, Anshuman Sakle and Abhiraj Gandhi of Khaitan & Co acted as legal advisor to Unichem Laboratories Limited. Saffron Capital Advisors acted as financial advisor to the buyer.

Ipca Laboratories Limited (NSEI:IPCALAB) completed the acquisition of 19.29% stake in Unichem Laboratories Limited (BSE:506690) for INR 6 billion on September 8, 2023.