Cipla Completes Share Allocation to FIL Capital Investments

New Delhi: Drug major Cipla on Wednesday said its arm Cipla Health has completed allocation of shares to FIL Capital Investments (Mauritius) II Ltd.

Cipla had inked an investment agreement with FIL for its consumer healthcare business in November last year.

"Board of Directors of Cipla Health Ltd, a subsidiary of the company, at their meeting held on April 12, 2016 allotted shares to FIL Capital Investments (Mauritius) II Ltd and consequently, the transaction has now been completed," Cipla said in a filing to the BSE.

In February, the Foreign Investment Promotion Board (FIPB) had cleared Cipla's foreign investment proposal of Rs 145.22 crore. Cipla had transferred its consumer healthcare business to its arm Cipla Health Ltd last month.

Last year, the company's board had approved divestment of its consumer healthcare business to Cipla Health, a wholly-owned subsidiary, by way of a slump sale for a consideration of Rs 10.5 crore.

At 2:20 p.m., shares in Cipla were trading 1.85 per cent higher at Rs 512.30 apiece on the BSE, whose benchmark Sensex index was up 1.76 per cent.