Sun Pharma will
make an open offer worth Rs 18.4 crore
Sun Pharma will
make an open offer worth Rs 18.4 crore to acquire a little over 28 per cent
stake in Zenotech Laboratories Ltd.
The proposal comes in the wake of Sun Pharma's
proposed USD 4-billion deal to merge Ranbaxy Laboratories with itself as the
latter holds significant stake in Zenotech.
Through the open offer, Sun Pharma plans to
acquire more than 96 lakh shares of Zenotech, amounting to 28.1 per cent. The
price would be Rs 19 per share translating to an aggregate of Rs 18.42 crore,
according to regulatory filing by Zenotech.
Zenotech shares today closed on BSE at Rs
22.20 a rise of 4.96 per cent from its previous close.
Ranbaxy held 46.79 per cent stake in Zenotech
as on March 31.
"... the merger of Ranbaxy into Sun
Pharma pursuant to the scheme will result in Sun Pharma indirectly acquiring
46.79 per cent of the voting rights held by Ranbaxy in, and control over, the
target company (Zenotech), although the acquisition of voting rights in or
control over the target company is not the objective of the primary
acquisition," the filing said.
The Sun Pharma-Ranbaxy deal is subject to
various approvals including from their respective shareholders.
