Sun Pharma increases stake in Zenotech to 57.56%

Pharmaceutical major, Sun Pharma, announced on Thursday that the company has increased its stake in Zenotech Laboratories Limited 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 lakhs 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 shares of Rs 10 each. 
 
The shares 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 shares for every 22 fully paid equity shares held on record date.  
 
Earlier, the acquiring company 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 the post rights issue capital in the target company.