Lyka Labs shares hit new 52-week high after Ipca Laboratories acquires 48 lakh shares of the company

Lyka Labs shares touched a new 52-week high value of Rs 142.35 on back of share acquisition by Ipca Laboratories in the company.

As per the bulk deal data, Ipca Laboratories acquired 48 lakh equity shares in the company at Rs 130.4 per share.

Lyka Labs shares touched a new 52-week high value of Rs 142.35 on back of share acquisition by Ipca Laboratories in the company. As per the bulk deal data, Ipca Laboratories acquired 48 lakh equity shares in the company at Rs 130.4 per share.

At around 11.50 am, Lyka Labs stocks were trading at day's high of Rs 142.35, a gain of Rs 6.75 or 4.98% in intraday trade on the BSE on Thursday. The share opened in the upper circuit of 5% and has remained locked since opening of the trade so far on the BSE.

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"Ipca Laboratories Limited (Acquirer) has received a letter on November 24, 2021 from non-promoter public shareholders of the Target Company (Sellers) offering and agreeing to sell / transfer in aggregate up to 48,00,000 Equity Shares representing 16.73% of fully paid-up Equity Share capital and voting capital of the Target Company through Stock Exchange mechanism under block deal / normal market.

Accordingly, on November 24, 2021, the acquirer acquired in aggregate up to 48,00,000 Equity Shares of the Target Company from the Sellers," read company's filing to the exchanges.

This will also ensure that Ipca Laboratories Limited becomes a co-promoter, along with the existing promoters and also share joint management control over the Target Company with the acquirer.

The share was locked in upper circuit of 5% and has touched 52-week low of Rs 19.05 in December 2020.

Incorporate in 1976, Lyka Labs Limited is one of the pioneers in the field of manufacturing of Pharmaceutical Formulations & Active Pharmaceutical Ingredients [APIs] across various therapeutic segments. Shares of the company is listed on both NSE and BSE.

(Disclaimer: The views/suggestions/advices expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

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