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Sun Pharma to delist troubled US subsidiary

To acquire the remaining 24% shares for over Rs 214 cr. Drug major, Sun Pharmaceutical Industries, is set to delist its troubled US-based subsidiary Caraco Pharmaceutical from the US bourses. The company, which holds about 76 per cent stake in Caraco, announced today it would acquire the remaining Caraco shares at $4.75 per share in cash, a five per cent premium over the most recent closing price. According to Bloomberg data, Caraco has 39.635 million outstanding shares. The deal will cost Sun Pharma approximately $45.18 million (Rs 214 crore). It did not disclose the deal size. In a ...