Mumbai: Pharma company Zenotech Laboratories said on 12 October that drug major Ranbaxy Laboratories has executed definitive agreements towards consolidating its stake in the company.
Earlier this month, Ranbaxy had said it would increase its stake in Zenotech Labs to 45% for Rs214 crore and make an open offer to buy an additional up to 20% shares.
As per the agreement, over 78.78 lakh shares of Zenotech would be purchased from existing promoters and over 54.89 lakh equity shares would be issued to Ranbaxy by Zenotech on preferential allotment basis, Zenotech said in a filing to the BSE.
The two companies had signed a definitive agreement, under which Ranbaxy would raise its stake by buying shares of promoters at Rs160 apiece and through a preferential allotment by Zenotech.
After the open offer, existing promoters would have 25% stake in the expanded equity capital of Zenotech. Jayaram Chigurupati would remain MD of the company.
“The opening of generic biologics in the regulated market makes it opportune for Ranbaxy to enhance its presence in this area. Speciality injectables that include oncology products constitute an attractive segment that underpins our strategic intent,” Ranbaxy CEO and managing director Malvinder Mohan Singh said here.