Drug firm Merck Ltd on Wednesday said the government has approved the proposal of Procter & Gamble Overseas India BV to acquire up to 77.80 percent stake in the company.

The Department of Pharmaceuticals has approved the proposal of Procter & Gamble Overseas India BV for acquisition of up to 77.80 percent of the paid-up equity share capital of the company, Merck Ltd said in a filing to BSE.

The company further said out of the 77.80 percent paid-up equity share capital, 51.80 percent was held by current promoters and up to 26 percent by public shareholders.

In April this year, Merck Ltd had said that Procter & Gamble would acquire 51.80 percent stake for Rs 1,289.88 crore in the company as part of a global deal under which P&G was taking over German firm Merck KGaA's international consumer health business.

In a regulatory filing then, Merck Ltd had said Procter & Gamble Overseas India B.V and The Procter & Gamble Company had launched up to Rs 647.53 crore open offer to acquire up to 4,315,840 equity shares of Merck Ltd, constituting 26 percent stake, from public shareholders.

First Published:Oct 11, 2018 6:01 AM IST