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51% Stakes Acquired by Cipla in Quality Chemicals Ltd

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Published on : May 25, 2015

Cipla (EU) Limited, U.K., the completely possessed backup of the Company has gone into a conclusive consent to get a stake of 51% at (QCL) Quality Chemicals Limited, Uganda amongst the current shareholders of QCL. According to the understanding, the money thought for 51% stake is payable in tranches with approximately US$8 million payable forthright on fulfillment and 5 equivalent portions of US$4.4 million payable at yearly interims from that point. 

QCL was consolidated in the year 1997 and is occupied with the matter of import and conveyance of pharmaceutical and shopper items. In the same way, QCL holds a 22.05% stake in the Company's subsidiary at Uganda. Subsequent to this securing, the company's successful stake, held through its subsidiaries in CQCIL will increment from the current 51.05% to 62.30%. This obtaining will further fortify the Company's general vicinity in the African market. 

The turnover of QCL for the money related year finishing Dec 2014 was Ugandan Shilling 14.85 billion i.e. INR 30 crore. The exchange is required to be finished by the end of July 2015, subject to fulfillment of specific conditions. The exchange has been done at 12x Market Cap/ deals, which are on the higher side, however given the accounting report of the organization can be effectively financed. 

Shares of CIPLA LTD. was trading last at BSE at Rs.674.05 when contrasted with the past close of Rs. 674.4. The aggregate number of shares exchanged amid the day was 108881 in more than 2354 trades. 

The stock has hit an intraday high of Rs. 680 as well as an intraday low of 667.4. The net turnover amid the day was Rs. 73311622.