MUMBAI: Pharma company Zenotech Laboratories on Friday said drug major Ranbaxy Laboratories have executed definitive agreements towards consolidating its stake in the company.
Earlier this month, Ranbaxy had said that it would increase its stake in Zenotech Labs to 45 per cent for Rs 214 crore and make an open offer to buy an additional up to 20 per cent shares.
As per the agreement over 78.78 lakh shares of Zenotech would be purchased from existing promoters and over 54.89 lakh equity shares would be issued to Ranbaxy by Zenotech on preferential allotment basis, Zenotech Laboratories said in a filing to the Bombay Stock Exchange.
The two companies had signed a definitive agreement, under which Ranbaxy would raise its stake by buying shares of promoters at Rs 160 apiece and through a preferential allotment by Zenotech.
After the open offer, existing promoters would have 25 per cent stake in the expanded equity capital of Zenotech. Jayaram Chigurupati would continue as managing director of the company.
"The opening of generic biologics in the regulated market makes it opportune for Ranbaxy to enhance its presence in this area. Speciality injectables that include oncology products constitute an attractive segment that underpins our strategic intent," Ranbaxy CEO and Managing Director Malvinder Mohan Singh said here.
Shares of Zenotech were trading at Rs 149, up 1.36 per cent while scrip of Ranbaxy were trading at Rs 439.30, up 1.97 per cent on BSE in afternoon trade.
