Express Pharma

Cipla completes share allocation to FIL Capital Investments

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An investment agreement was signed between both the companies for Cipla’s consumer healthcare business in November 2015

Cipla’s arm Cipla Health has completed allocation of shares to FIL Capital Investments (Mauritius) II. Cipla had inked an investment agreement with FIL for its consumer healthcare business in November last year.

“Board of Directors of Cipla Health, a subsidiary of the company, at their meeting held on April 12, 2016 allotted shares to FIL Capital Investments (Mauritius) II and consequently, the transaction has now been completed,” Cipla said in a filing to BSE.

In February, FIPB had cleared Cipla’s foreign investment proposal of Rs 145.22 crore. Cipla had transferred its consumer healthcare business to its arm Cipla Health last month.

Last year the company’s board had approved divestment of its consumer healthcare business to Cipla Health, a wholly-owned subsidiary, by way of a slump sale for a consideration of Rs 10.5 crore.

PTI

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