Drug major Sun Pharmaceutical's open offer to acquire 28.16 per cent stake in Zenotech Laboratories elicited tepid response from the shareholders.
Sun Pharma decided to make the open offer after its acquisition of Ranbaxy, which had held significant stake in Zenotech.
Under the offer, Sun Pharma proposed to buy over 96 lakh shares accounting for 28.16 per cent stake in Zenotech. However, there was lukewarm response from the shareholders as they tendered just 785 shares.
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The result of the open offer was submitted by Sun Pharma as well as Zenotech to the stock exchanges today. The open offer began on June 30 and closed on July 13.
Interestingly, a committee of independent directors formed by Zenotech had last month termed Sun Pharma's open offer worth Rs 20.23 crore to acquire a little over 28 per cent stake in the company as "fair and reasonable".
The independent directors' panel had said that it "believes that the open offer of Rs 20.87 per equity share is fair and reasonable and in line with Sebi regulations".
The Sun Pharma-Ranbaxy merger deal was completed in March this year.
Shares of Zenotech rose nearly 5 per cent to close at Rs 34.85 apiece on the BSE.
