The Securities and Exchange Board of India today issued an order clearing the German Remedies (GRL) open offer of Rs 650 per share. Zydus Cadila is acquiring 27.72 per cent stake in the company from GRL's German parents through an open offer.
The issue had gone to court with some investors saying that the offer price should be Rs 880 per share factoring in the value of five brands which Cadila had purchased from Asta Medica (one of the foreign parents).
The markets regulator, on the directions of the court, had held a hearing of all the parties concerned and basing its reasoning on a previous precedent involving Henkel Spic which had acquired Calcutta Chemicals from Shaw Wallace, ruled that brands will not figure in the offer price.
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