Through its wholly owned subsidiaries
Sun Pharmaceuticals Industries announced the acquisition of 13,000,000 Series B Preferred Stock of scPharmaceuticals Inc.(scPI), by one of the wholly owned subsidiaries of the Company.The aforesaid 13,000,000 Preferred Stock., have been converted into 1,810,536 shares of common stock (representing approximately 10.3% of the total shares outstanding par value $0.0001 each), on 21 November 2017.
Another wholly owned subsidiary of the Company has purchased 357,143 shares of common stock, par value $0.0001 each, at a price of USD 14 per share of scPI. amounting to about USD 5 million by way of allotment on 21 November 2017 in IPO by scPharmaceuticals Inc.,
Post above, the total stake held in scPharmaceuticals Inc., is reduced from 14.58% ( basis fully diluted equity stake on conversion) to 12.31%.
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