Suven Pharmaceuticals Ltd on Tuesday announced that it has received approval from the Ministry of Chemical & Fertilizer for acquiring of up to 76.1 percent stake in company by Berhyanda Limited, Cyprus.
The company through the exchange filing on Tuesday informed that it has received an intimation on September 25, 2023, that the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, has granted its approval for acquisition of up to 76.1 percent shareholding in the Company by M/s. Berhyanda Limited, Cyprus (Acquirer) by way of transfer of 12,75,37,043 equity shares aggregating to 50.1 percent of shareholding in the Company from promoters of the Company (M/s Jasti Property and Equity Holdings Private Limited) and acquisition of up to 6,61,86,889 equity shares aggregating to 26 percent of shareholding in the Company from public shareholders through mandatory open offer. The aggregate foreign investment, including investment from other foreign investors may be up to 90.1 percent shareholding in the Company.
The Acquirer will hold 76.1 percent of the paid-up share capital of the Company and other foreign investors including FPIs will hold up to 14 percent of paid-up share capital of the Company subject to compliance with the regulations under various laws and the terms and conditions as specified in the letter of approval.
Suven Pharmaceuticals Ltd shares
The shares of Suven Pharmaceuticals Ltd on Tuesday at 11:35 am IST were at Rs 531, up by 0.73 percent.
