New Delhi: Sun Pharma will make an open offer worth Rs18.4 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 with itself as the latter holds significant stake in Zenotech.
Through the open offer, Sun plans to acquire more than 96 lakh shares of Zenotech. Zenotech shares today closed on BSE at Rs 22.20 a rise of 4.96 per cent from its previous close.
“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 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.
