Pharmaceutical company, Cipla has said that it is going to buy 25 per cent stake in one of the South African firm named Cipla Medpro.

The final board approval is going to be given in the board meeting that is to take place in October.

Cipla Medpro is the third largest drug company in South Africa and Cipla has not got any stake in the company.

Cipla exports around 35 per cent of its total production and most of these deal with Aida. Around 15 per cent of this is sent to Africa.

While the company has not decided the amount that it will be paying for the deal, one thing is certain and that is that Cipla is going to take up the manufacturing arm of Cipla Medpro.

Only recently, Cipla gas acquired Meditab Specialties for rupees 133.35 crore and then the board announced a dividend of 80 paise per share.

Post the announcement, shares of Cipla went up by rupees 308 which is 0.90 per cent from its previous close. Cipla is one of the largest drug Company in India.