Express Pharma

Sun Pharma raises stake in Russia’s PJSC Biosintez to 96.96 pc

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The company’s wholly-owned subsidiary, Sun Pharma (Netherlands) BV, has increased its shareholding in PJSC Biosintez by way of purchase of 33,958 shares

Sun Pharmaceutical Industries has said that it has increased stake in Russia’s PJSC Biosintez to 96.96 per cent with the purchase of additional shares worth over Rs 22 crore.

The company’s wholly-owned subsidiary, Sun Pharma (Netherlands) BV, has increased its shareholding in PJSC Biosintez by way of purchase of 33,958 shares, equivalent to 11.86 per cent stake under mandatory tender offer, the company said.

The cost of acquisition or the price at which the shares were acquired was Rubles 21,15,82,11,060 equivalent to USD 32,17,000.3 (Rs 22.39 crore), it added.

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