Ipca is also making an open offer to the public equity shareholders of Unichem to acquire up to 26 per cent of the fully diluted outstanding equity share capital at a price of Rs 440 per share, it added.
The transaction is subject to approval from the CCI.
"Unichem has developed an excellent and proven quality track record with a differentiated capability which is highly complementary to lpca's strengths.This acquisition is in line with our stated strategy to enhance our portfolio in our chosen growth markets," lpca Laboratories promoter and executive chairman
The companies are well positioned to successfully integrate their product offerings and grow businesses, he added.
"For Unichem, employees and customers have been core to its business and I strongly believe, they will benefit from lpca's expertise in providing competitive and integrated services globally," he added.
Established in 1949, lpca has a strong presence in overseas market with exports now accounting for nearly 50 per cent of its income. A vertically integrated drug firm, it produces finished dosage forms and active pharmaceutical ingredients.
Unichem Laboratories produces and markets a large basket of pharmaceutical formulations in several countries across the globe including US and Europe.
Shares of Ipca Laboratories on Monday ended 1.87 per cent down at Rs 825.55 apiece on the BSE.
Unichem shares ended 2.55 per cent up at Rs 386.80 apiece on the BSE.