Cipla arm completes acquisition of South Africa-based firm

New Delhi : Drug firm Cipla said it's subsidiary in South Africa has completed the acquisition of Anmarate (Pty) Ltd, South Africa, a deal estimated at around ZAR 26 million.

"The company's wholly-owned subsidiary Cipla Medpro South Africa Pte has completed acquisition of Anmarate (Pty)," Cipla said in a BSE filing.

The company, on March 31, announced the acquisition saying it would strengthen its market position.

It said that the cost of acquisition is ZAR 26,253,659 is subject to post closing of net working capital, not exceeding ZAR 30 million.

The company acquired 4,000 shares of ZAR 1 each, representing 100 per cent of the Anmarate's share capital.

Shares of the company closed at Rs 577.85, down 0.16 per cent on BSE.