Ipca Laboratories is acquiring more than 26 per cent of Lyka Laboratories, a move that will see the former enter into the lucrative lyophilised injectables business in India and the rest of the world markets.

Following this acquisition, Ipca Laboratories will make a open offer to acquire 26 per cent additional equity of Lyka from its public shareholders. It currently holds around 9.8 per cent in Lyka.

The fresh shares were acquired through a block deal on the BSE. The transaction saw Ipca buying 48 lakh shares at an average price of Rs 130.40 apiece. The sellers included Shruti Shah and Prasham Shah from whom 15 lakh shares each were bought. Another 18 lakh shares were bought from Mayank Shah.

Ipca had received a letter on November 24 from its non-promoter public shareholders offering and agreeing to sell up to 48 lakh shares.