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Cipla to acquire 26% stake in AMP Solar Power Systems

Cipla to acquire 26% stake in AMP Solar Power Systems

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Post-acquisition, AMP Solar will become an associate of Cipla Limited.

Cipla, in its filing to the exchanges, informed that the company has signed an agreement to acquire 26% stake on a fully diluted basis in AMPSolar Power Systems Private limited.

The cost of acquisition is Rs12.9cr and post-acquisition AMPSolar will become an associate of Cipla Limited.

“Subscription of equity shares and compulsorily convertible debentures in one or more tranches upto the actual commercial operation date which is tentatively 30th May 2020,” the company said in a press note released after markets hours on Thursday.

Cipla Ltd’s share price ended at Rs563.45, up by Rs9.4 or 1.7%, from its previous close of Rs554.05 on the BSE.
The scrip opened at Rs564 and touched a high and low of Rs568.05 and Rs544, respectively. A total of, 58,49,554 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs45,399.54cr.

Source: indiainfoline
Anand Gupta Editor - EQ Int'l Media Network

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