Sun Pharma to acquire Daiichi Sankyo's 11.28% stake in Zenotech Laboratories Ltd

Sun Pharmaceutical Industries Limited ("Company") has entered into a share purchase agreement ("SPA") with Daiichi Sankyo Company Limited, Japan wherein subject to conditions precedents, the Company has agreed to acquire 68,86,500 (Sixty Eight Lakhs Eighty Six Thousand Five Hundred) equity shares, representing 11.28% of present equity share capital of Zenotech Laboratories Limited (CIN: L27100TG1989PLC010122), which is presently a subsidiary of the Company.

The above transaction is inter-se transfer between the promoters of Zenotech Laboratories Limited.

The primary object of the transaction from acquirer's perspective is to consolidate its holding in the Target Company. After the acquisition, the holding of the acquirer would increase from 57.56% to 68.84% in the Target Company.

Shares of ZENOTECH LABORATORIES LTD. was last trading in BSE at Rs. 50.50 as compared to the previous close of Rs. 50.05. The total number of shares traded during the day was 10269 in over 56 trades.

The stock hit an intraday high of Rs. 51.00 and intraday low of 49.55. The net turnover during the day was Rs. 521911.00.

Source : Equity Bulls

Keywords

ZENOTECHLABORATORIES INE486F01012 SunPharma StakeIncrease PromoterTransfer