Sun Pharma to acquire further 11.28% stake in Zenotech Laboratories for Rs5.32 crore

22 Mar 2022 , 10:10 AM

Sun Pharmaceutical Industries Limited 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 equity shares, representing 11.28% of present equity share capital of Zenotech Laboratories Limited, which is presently a subsidiary of the Company.

The acquisition will involve cash consideration of Rs7.73/ per equity share aggregating to Rs5,32,32,645/-.

“The primary object of the transaction from acquirer’s perspective is to consolidate its holding in the Target Company,” company said in a filing on Monday.

After the acquisition, the holding of the acquirer would increase from 57.56% to 68.84% in the Target Company.

The indicative time period for completion of the acquisition as mentioned in the SPA is 30 days which can be mutually extended by the parties thereto.

The Target Company is an Indian Company, which was incorporated in 1989. The Target Company operates its business primarily from India and supplies its products in domestic market,” company said in a filing on Monday.

At around 10.12 am, Sun Pharmaceuticals Industries Ltd was trading at Rs917.95 per piece up by Rs3.5 or 0.38% from its previous closing of Rs914.45 per piece on the BSE.