Cipla, a leading drug maker, witnessed a rise in share price on Wednesday after the company said the board has approved an investment by Fidelity Growth Partners India and US-based Fidelity Biosciences, through FIL Capital Investments (Mauritius) II or its affiliates, in its recently launched consumer healthcare business which is under incorporation.
The investment is subject to execution of definitive agreements, and regulatory approvals.
"Through Cipla Consumer Healthcare, the company has entered the rapidly growing over-the-counter (OTC) healthcare market in India," Cipla said. "The vision is to improve the lives of Indian consumers, building on Cipla's strengths in bringing good science to good medicine, while also leveraging its market outreach and equity with the Indian healthcare system."
Shares of Cipla are trading at Rs 6770, up Rs 13.1, or 1.97% at the Bombay Stock Exchange (BSE) on Wednesday at 10:53 a.m. The scrip has touched an intra-day high of Rs 677.80 and low of Rs 664.85.
Total volume of shares traded on the bourses today was lower by 71.63% to 588,077 compared with 22-day average volume of 2,073,216.