IPCA buys additional 16.73% in Lyka. Triggers open offer

IPCA already owns 9.84% of Lyka. Besides, IPCA’s promoters separately held 1.18% in Lyka.

It has now bought additional 16.73% from Lyka’s shareholders taking it’s total stake to 26.57% (excluding the above 1.18%).

Key points to note –

  • In line with the regulations, the transaction has kicked an open offer of additional 26% at the transaction price of Rs 130.50/ share.
  • Lyka is engaged in the business of manufacturing and marketing of injectables, lyophilized injectables and topical formulations. Ipca currently does not have any business directly from lyophilized injectables and hence the acquisition will enable it to enter this lucrative business.
  • Lyka gets benefitted from the much wider distribution and strength of a large Company. IPCA’s market cap is in excess of Rs 25,000 crore as against Lyka’s at about Rs 360 crore.
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