Categories: Latest

Sun Pharma’s open offer ‘fair’, says Zenotech panel

New Delhi, June 27, 2015: A committee of independent directors formed by Zenotech Laboratories has termed Sun Pharma’s open offer worth Rs 20.23 crore to acquire a little over 28 per cent stake in the company as “fair and reasonable”.

The committee was formed to look into Sun Pharma’s open offer that was necessitated due to its acquisition of Ranbaxy, which held significant stake in Zenotech.

In a filing to the BSE today, Zenotech Laboratories LtdBSE 2.00 % said the independent directors’ panel “believes that the open offer of Rs 20.87 per equity share is fair and reasonable and in line with Sebi regulations”.

Through the open offer, Sun PharmaBSE 0.09 % plans to acquire more than 96 lakh shares of Zenotech, amounting to 28.16 per cent.

The price of Rs 20.87 per share translates to an aggregate of Rs 20.23 crore.

Zenotech shares today closed 1.89 per cent up at Rs 35 apiece on the BSE.

At the end of March, 2015, Sun Pharma and Daiichi Sankyo were the two promoters of Zenotech.

Sun Pharma held 46.85 per cent stake while the shareholding of Daiichi Sankyo stood at 20 per cent, as per latest data available on the BSE.

The Sun Pharma-Ranbaxy merger deal was completed in March this year. In April, 2014, Sun Pharma had announced it would acquire troubled rival RanbaxyBSE 5.63 % in an all-stock transaction worth US$ 4 billion that includes USD 800 million debt.

The merger has created India’s largest and the world’s fifth-largest drugmaker. 

The Pharma Times News Bureau

Recent Posts

DKMS-BMST – Bridging the Care Gap in Blood Cancer Treatment on National Cancer Awareness Day

New Delhi, November 07, 2024: National Cancer Awareness Day serves as a poignant reminder of…

11 hours ago

The Arya Vaidya Pharmacy (Coimbatore) Ltd. Strengthens Legacy with New Initiatives and Expanded Product Portfolio

Coimbatore, November 07, 2024: The Arya Vaidya Pharmacy (Coimbatore) Ltd. (AVP), a pioneer in Ayurvedic…

11 hours ago

New medical nutrition ingredient combines high-protein with “best taste yet”

New Delhi, November 06, 2024: Arla Foods Ingredients has launched a new whey protein hydrolysate…

1 day ago

6 Early Signs of Ovarian Cancer

By Dr. C N Patil, HOD and Lead Consultant - Medical Oncology & Haemato-Oncology, Aster…

1 day ago

Bayer Introduces Bepanthen in India as New Survey Reveals Dry Skin Affects 1 in 2 Indians

·        World's no.1 skincare brand Bepanthen* launches in India, as a solution to tackle India's widespread dry skin…

2 days ago

Lung Cancer in India: Understanding Risk Factors and the Importance of Early Detection

By Dr. Pavan Yadav, Lead Consultant - Interventional Pulmonology & Lung Transplantation, Aster RV Hospital.…

3 days ago