Mumbai: Sun Pharmaceutical (Sun Pharma) Industries has announced that the company has increased its stake in Zenotech Laboratories from 46.85% to 57.56% .
Zenotech is a pharmaceutical company engaged in developing and producing generic pharmaceuticals and biological products in the form of injectables and oral solids. The turnover of the target company stood at Rs 225.42 lakh as on March 31, 2017.
The target company had issued a letter of offer on June 21, 2017 towards issue of 2,66,03,068 equity share of Rs 10 each.
The share were issued at a price of Rs 45 each including a share premium of Rs 35 per equity share on rights basis to the existing equity shareholders of the target company in the ratio of 17 equity share for every 22 fully paid equity shares held on record date.
Earlier, Sun Pharma held 1,61,28,078 equity shares in Zenotech which is now increased to 3,51,28,078 equity shares amounting to 57.56% of post rights issue capital in target company.