Cipla Ltd.

Cipla’s wholly owned subsidiary - Goldencross Pharma has entered in to a definitive agreement to sell its 100% equity stake in Four M Propack, India (Four M Propack) to Shriji Polymers (India) (Shriji Polymers) for a consideration of Rs 13.5 crore and an additional sum derived on the basis of the value of mutual funds, cash and bank balance, tax refunds, etc. at the time of closing estimated at around Rs 5.7 crore.

The transaction is expected to be completed within 45 days from date of signing of the definitive agreement, subject to completion of certain condition precedent and receipt of applicable approvals.

Shriji Polymers is engaged in the business of manufacturing of HDPE bottles and PP caps for the pharmaceutical industry.