Sun Pharma raises stake in Russias PJSC Biosintez to 96.96 percent

New Delhi: Sun Pharmaceutical Industries Wednesday said it has increased stake in Russia's PJSC Biosintez to 96.96 per cent with the purchase of additional shares worth over Rs 22 crore.

The cost of acquisition or the price at which the shares were acquired was Rubles 21,15,82,11,060 equivalent to USD 32,17,000.3 (Rs 22.39 crore), it added.

After the completion of this purchase of shares, the total holding of the wholly-owned subsidiary was increased from 85.10 per cent to 96.96 per cent in the Russian firm, it added.

Read Also: Srinagar: Doctors to boycott Zydus, Macleods, Intas, Sun pharma for suspending Kashmiri employees

PJSC Biosintez had revenues of RUB 2,373 million in 2018. It is mainly engaged in the manufacture and marketing of pharmaceutical products used in the hospital segment of the market.

The company's products include pharmaceuticals for injections, blood substitutes, blood preservatives, ampoules, tablets, ointment, creams, gels, suppositories and API among others, the filing added.

Read Also: Sun Pharma Q3 profit rises 49 percent at Rs 1242 crore