Cipla to acquire 21.85 pc stake in GoApptiv, expand reach in small towns
Jun 10, 2020
Mumbai (Maharashtra) [India], June 10 : Pharmaceutical major Cipla said on Wednesday it will acquire 21.85 per cent stake in GoApptiv to expand the reach of its key brands in tier three plus towns.
GoApptiv offers digital solutions for integrated brand sales management, digital marketing and channel engagement for pharmaceutical companies. It also provides digital solutions for customer relationship management, patient support and healthcare data analytics.
The cost of acquisition is Rs 9 crore -- Rs 5.8 crore in the first stage and Rs 3.2 crore in the second stage, Cipla said in regulatory filings at stock exchanges.
In the first stage, subscription of 15,392 compulsorily convertible preference shares and purchase of 6,927 equity shares is expected to be closed within 30 days from the execution date.
In the second stage, subscription of 12,314 compulsorily convertible preference shares is expected to close by October 31.
GoApptiv clocked a revenue of Rs 19.03 crore for the financial year ended March 31.
