Sun Pharma to make Rs 18cr open offer to Zenotech shareholders

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 $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 on Friday 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.