Cipla: South Africa8217;s Cipla Medpro shareholders approve 512 mn buyout

Earlier this year,Cipla had offered to pay 10 rand per share to acquire 100 per cent of Cipla Medpro for a consideration of around USD 512 million.

Cipla supplies majority of Cipla Medpro8217;s drugs through a long-standing agreement but has never owned a stake in it.

The acquisition of South African firm would help Cipla further strengthen its position in the African continent.

Shares of Cipla today closed at Rs 411.45 apiece on the BSE,up 3.25 per cent from their previous close.