Zenotech Labs hits upper limit verdict for open offer

The stock is locked at the 2 percent upper circuit at Rs. 35.70 on the BSE.

Jun 26, 2015 09:06 IST India Infoline News Service

Zenotech Laboratories has hit the 2 percent upper limit at Rs. 35.70 on likelihood of the Sun Pharma open offer going through.

According to a release issued by the company to the BSE, a committee of independent directors formed by Zenotech Laboratories has termed Sun Pharma's open offer to buy little over 28 per cent stake in the company for around Rs. 20.23 crore as 'fair and reasonable'.

The stock remains locked at the upper limit, and has seen trades of around 26,000 shares on the BSE. There are pending buy orders for 800 shares at the counter.

Meanwhile, the Sensex has slipped 117 points to 27,779.

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