Zenotech Laboratories hits the roof after Sun Pharmaceutical Inds. picks 11% stake

22 Mar 2022 , 04:15 PM

Zenotech Laboratories is presently a subsidiary of Sun Pharmaceutical Industries. The primary object of the transaction from acquirers (Sun Pharmaceutical Industries) perspective is to consolidate its holding in the target company (Zenotech Laboratories).

Sun Pharmaceutical Industries will purchase 68.86 lakh equity shares (worth Rs 7.73 per share) for a cash consideration aggregating to Rs 5,32,32,645 from Daiichi Sankyo Company, Japan. The indicative time period for completion of the acquisition in the Share Purchase Agreement (SPA) is 30 days.

Pre transaction, Sun Pharmaceutical Industries and Daiichi Sankyo Company held 3.51 crore (57.56% stake) and 68.86 lakh equity shares (11.28% stake) respectively. Post transaction, Sun Pharmaceutical Industries will hold 4.20 crore (68.84% stake) while Daiichi Sankyo Company will be nil.

Zenotech Laboratories is engaged in a business of manufacture and trading of pharmaceuticals products and also manufactures bio-technology products.

Meanwhile, shares of Sun Pharmaceutical Industries lost 0.06% to Rs 913.90 on BSE. Sun Pharmaceutical Industries is the worlds fourth largest specialty generic pharmaceutical company and Indias top pharmaceutical company.

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