Berhyanda Ltd gets nod for acquisition of up to 76.1% stake in Suven Pharmaceuticals Ltd

The Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, has granted its approval for acquisition of up to 76.1% shareholding in Suven Pharmaceuticals Limited by M/s. Berhyanda Limited, Cyprus ("Acquirer") by way of transfer of 12,75,37,043 equity shares aggregating to 50.1% of shareholding in the Company from promoters of the Company (M/s Jasti Property and Equity Holdings Private Limited) and acquisition of up to 6,61,86,889 equity shares aggregating to 26% of shareholding in the Company from public shareholders through mandatory open offer. The aggregate foreign investment, including investment from other foreign investors may be up to 90.1% shareholding in the Company.

The Acquirer will hold 76.1% of the paid-up share capital of the Company and other foreign investors including FPIs will hold up to 14% of paid-up share capital of the Company subject to compliance with the regulations under various laws and the terms and conditions as specified in the letter of approval.

Shares of Suven Pharmaceuticals Limited was last trading in BSE at Rs. 527.20 as compared to the previous close of Rs. 529.80. The total number of shares traded during the day was 3971 in over 435 trades.

The stock hit an intraday high of Rs. 544.60 and intraday low of 518.00. The net turnover during the day was Rs. 2089121.00.

Source : Equity Bulls

Keywords

SuvenPharmaceuticals INE03QK01018 MinistryofChemicalsandFertilizers Approval Berhyanda