Sun Pharma arm acquires remaining 3.04% stake in PJSC Biosintez

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Sun Pharma arm acquires remaining 3.04% stake in PJSC Biosintez

Sun Pharma arm acquires remaining 3.04% stake in PJSC Biosintez

Drug major Sun Pharmaceutical Industries on Monday said its Netherlands-based arm has fully acquired PJSC Biosintez, Russia by purchasing 3.04 per cent stake in the company under the mandatory tender offer.

The company’s subsidiary — Sun Pharma (Netherlands) BV — already had 96.96 per cent stake in pharma firm PJSC Biosintez prior to the purchase of these shares, Sun Pharma said in a filing to the BSE.

Post the purchase, Sun Pharma (Netherlands) BV’s shareholding in the target entity has increased from 96.96 per cent to 100 per cent, it added.

Cash consideration of Rubles 54,194,628.60 equivalent to USD 815,201.99 (about Rs 6 crore) was paid to shareholders who tendered their respective shares in the mandatory tender offer, Sun Pharma said.

Shares of Sun Pharmaceutical Industries on Monday closed at Rs 428.80 per scrip on the BSE, up 0.92 per cent from its previous close.Get access to India’s fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code “GETPRO”. Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.

Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their original owners.

2019-09-10 09:10:06

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

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