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Shares of Zenotech Laboratories Ltd zoomed 5 per cent on Tuesday to end at ₹45.25 on reports of open offer from Sun Pharmaceutical Industries.
According to a filing with BSE, Sun Pharma has offered to acquire about 97 lakh shares of Hyderabad-based Zenotech, constituting about 28.16 per cent of the fully diluted voting share capital of the latter.
The offer price per share is ₹20.87. A mandatory open offer for Zenotech shares has been necessitated following the completion of the acquisition of Ranbaxy Laboratories by Sun Pharma.
Ranbaxy holds a 46.84 per cent stake in Zenotech, while Japan’s Daiichi Sankyo holds 20 per cent.
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