cipla: Dr Reddy’s clarifies on ‘joint bid’ with Bain Capital for Cipla

Dr Reddy’s on Tuesday said in a statement to the stock exchanges that it does not comment on market speculations over private equity (PE) firm Bain Capital approaching the company to explore a joint bid for Cipla’s promoters’ stake.

“There is currently no such event or information which requires a disclosure under Sebi Listing Regulations,” Dr Reddy’s statement said.

“The company makes prompt disclosure of any event or information, as and when any event or information is considered material or warrants such disclosure under the said regulation,” the statement added.

The clarification comes in response to ET’s report about private equity firm Bain Capital has approached drug maker Dr Reddy’s to explore a joint bid for the promoters of Cipla.
Along with Dr Reddy’s, ET has reported that Blackstone and Torrent Pharma have emerged as the other contenders to buy Cipla’s promoter’s stake. Shares of Dr Reddy’s dropped 1.5% to close at ‘5,577.6 on the BSE on Tuesday while Cipla shares ended flat at Rs 1,238.5.