Sun Pharma may acquire Zenotech Laboratories Ltd
Sun Pharma, which recently proposed a $4-billion deal to merge Ranbaxy Labs with itself, will also make an open offer to acquire around 28 per cent stake in Zenotech Laboratories Ltd.
In a regulatory filing, Sun Pharma said it could buy nearly 96 lakh shares of Hyderabad-based Zenotech, amounting to 28.1 per cent stake, for Rs 18.42 crore or Rs 19 per share. Ranbaxy owns 46.79 per cent stake in Zenotech.
The pharma giant added that the merger of Ranbaxy into it would result in Sun Pharma's indirectly acquiring Ranbaxy's 46.79 per cent voting rights over Zenotech.
In the recently submitted filing, the company said, "The merger of Ranbaxy. 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."
Daiichi Sankyo, the Japan-based majority owner of Ranbaxy, separately owns 20 per cent stake in Zenotech.
Jayaram Chigurupati, the previous promoter of Zenotech, still own 24.8 per cent of the Hyderabad-based company. Thus, the success of the open offer will depend a lot on Chigurupati's willingness to tender shares.
Shares of Zenotech gained 4.96 per cent to close at Rs 22.20 apiece on Bombay Stock Exchange on Friday.