Through the open offer, Sun Pharma plans to acquire more than 96 lakh shares of Zenotech, amounting to 28.1 percent. The price would be Rs 19 per share translating to an aggregate of Rs 18.42 crore, according to regulatory filing by Zenotech.
Sun Pharma will make an open offer worth Rs 18.4 crore to acquire a little over 28 percent stake in Zenotech Laboratories Ltd. The proposal comes in the wake of Sun Pharma's proposed USD 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 percent. 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 today closed on BSE at Rs 22.20 a rise of 4.96 percent from its previous close. Ranbaxy held 46.79 percent 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 percent 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.
Sun Pharma stock price
On April 11, 2014, Sun Pharmaceutical Industries closed at Rs 627.75, up Rs 11.55, or 1.87 percent. The 52-week high of the share was Rs 653.10 and the 52-week low was Rs 432.75.
The company's trailing 12-month (TTM) EPS was at Rs 0.95 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 660.79. The latest book value of the company is Rs 41.64 per share. At current value, the price-to-book value of the company is 15.08.
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