Cipla to invest Rs 26 crores in GoApptiv to raise stake to 22 per cent
Cipla has agreed to acquire an additional stake for nearly Rs 26 crores in digital tech company GoApptiv Private to raise its shareholding to 22.02 per cent
The pharma company reported a 10 per cent year-on-year fall in consolidated profit at Rs 370.7 crores in the quarter ended March 2022, impacted by lower operating income and impairment loss with respect to investment in associate company Avenue Therapeutics Inc. Revenue during the quarter grew by 14.2 per cent to Rs 5,260.33 crores compared to year-ago period, while EBITDA fell six per cent to Rs 750 crores in the same period.
Cipla has agreed to acquire an additional stake for nearly Rs 26 crores in digital tech company GoApptiv Private to raise its shareholding to 22.02 per cent, the company said.
The investment will be made in equity shares and Compulsorily Convertible Preference Shares and is likely to be completed within 30 days or such other date mutually agreed between the parties, Cipla said in a regulatory filing.
Cipla’s earlier investment in GoApptiv in June 2020 has yielded growth and expanded Cipla’s channel reach across lower tier towns in India.
“This investment will further strengthen our partnership with GoApptiv enabling wider patient reach with affordable and quality drugs and end-to-end brand marketing and channel engagement across tier II-VI towns in India. ‘Caring for Life’ is at the heart of what we do and will guide us towards making such strategic investments to help make a difference in the lives of our patients,” Umang Vohra, MD and Global CEO, Cipla, said.