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Sun Pharma increases stake in Zenotech to 57.56%

Sun Pharma increases stake in Zenotech to 57.56%

Sun Pharmaceutical (Sun Pharma) Industries has announced on Thursday that the company has increased its stake in Zenotech Laboratories from 46.85% to 57.56% .

Zenotech is a pharmaceutical company engaged in developing and producing generic pharmaceuticals and biological products in the form of injectables and oral solids. The turnover of the target company stood at Rs 225.42 lakh as on March 31, 2017.

The target company had issued a letter of offer on June 21, 2017 towards issue of 2,66,03,068 equity share of Rs 10 each.

The share were issued at a price of Rs 45 each including a share premium of Rs 35 per equity share on rights basis to the existing equity shareholders of the target company in the ratio of 17 equity share for every 22 fully paid equity shares held on record date.

Earlier, Sun Pharma held 1,61,28,078 equity shares in Zenotech which is now increased to 3,51,28,078 equity shares amounting to 57.56% of post rights issue capital in target company.

Stock View:

Sun Pharmaceuticals Industries Ltd is currently trading at Rs 565.75, down by Rs 7.35 or 1.28% from its previous closing of Rs 573.1 on the BSE.

The scrip opened at Rs 567 and has touched a high and low of Rs 569 and Rs 562.25 respectively. So far 316965(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 137504.24 crore.

The BSE group ‘A’ stock of face value Rs 1 has touched a 52 week high of Rs 854.5 on 05-Aug-2016 and a 52 week low of Rs 493 on 29-May-2017. Last one week high and low of the scrip stood at Rs 585.95 and Rs 563.75 respectively.

The promoters holding in the company stood at 54.38 % while Institutions and Non-Institutions held 32.6 % and 13.01 % respectively.

The stock is currently trading above its 200 DMA.