Merck announced that the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Government of India, by a letter dated October 08, 2018, has approved the proposal dated May 31, 2018 of Procter & Gamble Overseas India B.V. for acquisition of up to 77.80% of the paid-up equity share capital of the company (comprising of 51.80% of the paid-up equity share capital of the Company from the current promoters of the Company and up to 26% of the paid-up equity share capital of the company from its public shareholders pursuant to an open offer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Shares of the company gained Rs 46.75, or 1.62%, to trade at Rs 2,929.55. The total volume of shares traded was 2,362 at the BSE (10.04 a.m., Thursday).