With the completion of the deal, M P Laboratories (Mauritius) Ltd, a wholly-owned subsidiary of Mylan, now owns about 71.5 per cent stake in Matrix as it had earlier acquired 20 per cent through an open offer.

The acquisition was as per a share purchase agreement, Matrix informed the Bombay Stock Exchange. The selling shareholders include executive chairman N Prasad, India Newbridge Investments Ltd, Maxwell (Mauritius) Pte Ltd and Spandana Foundation.

"Today's announcement marks the successful closing of the Matrix transaction, and the beginning of a new era at Mylan," company CEO Robert J Coury said.

Newbridge and Maxwell have invested a portion of their proceeds in Mylan common stock, while N Prasad would invest Rs 112 crore ($25 million), in a transaction likely to be completed by the end of this month.

If shareholdings maintained by N Prasad are included, Mylan would have more than 75 per cent in Matrix.

The board of Matrix has also been reconstituted with Robert J Coury taking up as Non-Executive Chairman. The size of Mylan's board of directors has been increased to ten members and N Prasad appointed to the Mylan Board.

He will serve as non-executive vice chairman of the Matrix board and head of global strategies in the office of the CEO at Mylan.