There has been poor response to the open offer from Sun Pharmaceutical Industries to acquire public share holding in the Hyderabad-based Zenotech Laboratories.
In a post-offer announcement, the BSE was informed on Friday that Sun Pharma had acquired only 785 shares while the open offer proposed to acquire 96 lakh shares, or 28.16 per cent, of the public shareholding in Zenotech.
The open offer opened on June 30 and closed on July 13.
Sun Pharma had offered ₹20.87 a share in the open offer even as its scrip closed at ₹33.20 on Thursday. The scrip zoomed 4.97 per cent on Friday after the post-offer announcement to end at ₹34.85.
Ranbaxy’s stake in Zenotech was transferred to Sun Pharma after it acquired Ranbaxy. This triggered the mandatory open offer to buy public shareholding in the company. Daiichi Sankyo Company holds another 20 per cent shares in the company.
Zenotech promoters’ family holds 23.91 per cent stake and is unwilling to transfer the stake.
In 2007, Ranbaxy offered open offer price of ₹113 a share to complete the acquisition of Zenotech but this was challenged in the court by the promoters and other investors who contended that the offer price was low.