Zenotech Labs, which had closed yesterday at Rs.50.50, opened itself today at Rs.53, hitting its 5% UC of the day. Almost 2 lakh pending buy orders remain on the counter.
The stock hit the UC as the company said that it has signed a share purchase agreement with Japan's Daiichi Sankyo Company to acquire the latter's 11.28% stake in Zenotech.
As per the deal, Sun Pharma will acquire Daiichi’s 68,86,500 equity shares, representing 11.28% shareholding in Zenotech, for which it will pay Rs.7.73/share, aggregating to Rs.5.32 crore for the proposed.
Sun Pharma said in the exchange filing that no regulatory approval is required for the deal, while the tentative time period for completion of the acquisition is 30 days which can be mutually extended by the parties.
After the acquisition, Sun Pharma stake in the company would increase from 57.56% to 68.84%.