Ipca Laboratories on Wednesday said it has acquired 33.38 per cent of Unichem Laboratories from one of its promoter shareholders aggregating to Rs 945.35 crore. These shares were acquired through block deals on the NSE.

The purchase comes after the Competition Commission on Thursday approved the transaction.

According to Sebi norms, Ipca Laboratories also has to make an open offer to buy an additional 26 per cent stake in Unichem Laboratories.

In line with this rule, it has already made an open offer to the public shareholders of Unichem Laboratories to acquire 26 per cent at a price of Rs 440 per share aggregating to Rs 805.44 crore.

“We now wish to inform you that post receipt of approval of the CCI, the company has today acquired 2,35,01,440 fully paid-up equity shares of Rs 2 each, constituting about 33.38 per cent of the paid-up equity share capital of Unichem,” Ipca said in a regulatory filing.

Established in 1949, Ipca Laboratories has a strong presence in overseas markets with exports now accounting for nearly 50 per cent of its income.

A vertically integrated drug firm, it produces finished dosage forms and active pharmaceutical ingredients. Unichem Laboratories produces and markets pharmaceutical formulations in various countries including the US and Europe.

Shares of Ipca Laboratories ended with losses of 1.59 per cent or Rs 14.35 in the BSE while Unichem Laboratories settled at Rs 396.80, thus showing a loss of 0.08 per cent.