Cipla approves special interim dividend; acquisition of Meditab | business | Hindustan Times
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Cipla approves special interim dividend; acquisition of Meditab

Drug major Cipla today said its board has approved the acquisition of Mumbai-based Meditab Specialities for a consideration of Rs 133.35 crore.

business Updated: Aug 25, 2010 19:03 IST

Drug major Cipla on Wednesday said its board has approved the acquisition of Mumbai-based Meditab Specialities for a consideration of Rs 133.35 crore.

The company's board, which met today, also approved a special interim dividend of 80 paise per equity share (face value of Rs 2 per share) for the financial year ending March 31, 2011, to commemorate its 75th anniversary.

"The total payout inclusive of dividend tax would aggregate to nearly Rs 75 crore," Cipla said in a filing to the Bombay Stock Exchange.

"The acquisition of Meditab will help the company consolidate its business in various countries including China and Africa," the company said.

Meditab has small and mid-sized formulation facilities at multiple locations.

Cipla, which started operations in 1935, is the one of the world's major manufacturer of antiretroviral drugs (ARVs) to fight HIV/AIDS, as measured by units produced and distributed.

The company makes drugs to treat cardiovascular disease, arthritis, diabetes, weight control, depression and many other health conditions, and its products are distributed in more than 180 countries worldwide.

Shares of Cipla today closed at Rs 308.90 on BSE, down 2.63 per cent from its previous close.