Sun Pharma will make an open offer worth Rs 18.4 crore to
acquire a little over 28 percent stake in Zenotech Laboratories Ltd. The
proposal comes in the wake of Sun Pharma's proposed USD 4-billion deal to merge
Ranbaxy Laboratories with itself as the latter holds significant stake in
Zenotech. Through the open offer, Sun Pharma plans to acquire more than 96 lakh
shares of Zenotech, amounting to 28.1 percent. The price would be Rs 19 per
share translating to an aggregate of Rs 18.42 crore, according to regulatory
filing by Zenotech. Zenotech shares today closed on BSE at Rs 22.20 a rise of
4.96 percent from its previous close. Ranbaxy held 46.79 percent stake in
Zenotech as on March31. "... the merger of Ranbaxy into Sun Pharma pursuant
to the scheme will result in Sun Pharma indirectly acquiring 46.79 percent of
the voting rights held by Ranbaxy in, and control over, the target company
(Zenotech), although the acquisition of voting rights in or control over the
target company is not the objective of the primary acquisition," the
filing said. The Sun Pharma-Ranbaxy deal is subject to various approvals
including from their respective shareholders.
Sun Pharma stock
priceOn April 07, 2014, Sun Pharmaceutical Industries closed at Rs 587.25, up
Rs 15.35, or 2.68 percent. The 52-week high of the share was Rs 653.10 and the
52-week low was Rs 423.18.The company's trailing 12-month (TTM) EPS was at Rs
0.95 per share as per the quarter ended December 2013. The stock's
price-to-earnings (P/E) ratio was 618.16. The latest book value of the company
is Rs 41.64 per share. At current value, the price-to-book value of the company
is 14.10.
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