Natco Pharma Shareholders Approve Adcock Ingram Stake Purchase

Natco Pharma Ltd. on Friday said shareholders of South Africa’s Adcock Ingram Holdings Ltd. have approved the proposed stake sale in the company to Natco Pharma’s subsidiary, Natco Pharma South Africa Proprietary Ltd. Nearly 99% of Adcock Ingram’s shareholders voted in favour of the resolution, the Indian drugmaker said in an exchange filing.

In July, Natco’s board had approved the acquisition of a 35.75% stake in Adcock Ingram for ₹20 billion and the incorporation of its South African arm for ₹21 billion.

Following the transaction, Adcock Ingram’s shares will be delisted from the Johannesburg Stock Exchange after the Takeover Regulation Panel of South Africa issues a compliance certificate. Shareholders of Adcock Ingram will receive 75 South African rand (₹385.50) per share as consideration, Natco Pharma said.