Cipla bids Rs 1200 cr for 51% in S African firm

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SummaryShares of Cipla jumped 2.61 per cent to close at Rs 389.70 apiece on the BSE on Wednesday.

Cipla has made a $220 million (over Rs 1,200 crore) offer to acquire 51 per cent stake in Cipla Medpro, currently the third largest pharmaceutical company in South Africa.

The Indian firm has offered a rate of 8.55 rand per share for the acquisition of a majority stake in the South African firm which currently markets 80-90 per cent of the company’s products.

“Based on Cipla Medpro’s current shares outstanding and sport rand/dollar exchange rates, total consideration payable by the company would be approximately $220 million,” the company said. Shares of Cipla jumped 2.61 per cent to close at Rs 389.70 apiece on the BSE on Wednesday.

LIC, EPFO to pick up AI bond issue

LIC and the Employees’ Provident Fund Organisation (EPFO) have agreed to fully subscribe to the Rs 7,400 crore bond sale of Air India, a top SBI Caps official said here on Wednesday.

The 19-year-old issue has a coupon of 9.08 per cent and will fetch 9.27 per cent for LIC and the EPFO on maturity, the official added. LIC has subscribed to bonds worth Rs 3,000 crore and the remaining by EPFO.

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