Drug major Sun Pharmaceutical Industries on Monday said its Netherlands-based arm has fully acquired PJSC Biosintez, Russia by purchasing 3.04% stake in the company under the mandatory tender offer.
The company’s subsidiary — Sun Pharma (Netherlands) BV — already had 96.96% 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% to 100%, it added.
Cash consideration of Rubles 54,194,628.60 equivalent to $ 815,201.99 (about ₹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 ₹428.80 per scrip on the BSE, up 0.92% from its previous close.
Source: Mint