Daiichi's open offer for Zenotech to start from Aug 4

Zenotech Laboratories today said the open offer by Japanese drugmaker Daiichi Sankyo to acquire 20 per cent stake in it will start from August 4 at a price of Rs 113.62 per share.

The offer to acquire 68.86 lakh fully paid up shares of face value Rs 10 each will close on August 23, the company said in a filing to the Bombay Stock Exchange (BSE).

Daiichi's offer follows the recent Supreme Court verdict that said the offer be made at a price of Rs 113.62 per share.

The Japanese firm was required to make the open offer for Zenotech following its acquisition of a majority stake in Ranbaxy Laboratories in 2008.

In 2007, when Ranbaxy picked up 46.8 per cent stake in Zenotech, the Gurgaon-based firm had committed to make an open offer for 20 per cent of Zenotech shares at a price of Rs 160 per scrip.

After buying out Ranbaxy, Daiichi automatically got the Zenotech stake but it refused to offer more than Rs 113.62 per share for Zenotech. Following it Zenotech promoter Jayaram Chigurupati Securities Appellate Tribunal (SAT), which upheld the plea.

Daiichi then moved the Supreme Court challenging the SAT order.

Zenotech scrips closed the day at Rs 94.55 per share, down 1.82 per cent from previous close.