BackZenotech shares hit upper circuit on Sun Pharma’s open offer
A mandatory open offer for Zenotech has been triggered following the Sun Pharma-Ranbaxy Laboratories deal
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Mumbai: Shares of Zenotech Laboratories Ltd was up 5% to its daily upper limit after Sun Pharmaceutical Industries Ltd offered to acquire about 9.7 million Zenotech shares at ₹ 20.87 per share under open offer, according to a BSE filing.
A mandatory open offer for Zenotech has been triggered following the Sun-Ranbaxy Laboratories deal.
Ranbaxy owns 46.84% in Zenotech, while Japan’s Daiichi Sankyo holds 20%, according to a BSE data.
Sun Pharma may own about 74.9% of Zenotech on successful completion of open offer, according to Reuters calculation. Reuters
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Published: 31 Mar 2015, 11:23 AM IST
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