Sun Pharmaceutical Industries on Monday said that its wholly-owned subsidiary has increased its shareholding in PJSC Biosintez, Russia, by way of purchase of 8698 shares (2391 ordinary shares and 6307 preferred shares) equivalent to 3.04% of PJSC Biosintez under Mandatory Tender Offer.
Post completion of this purchase of shares, the total holding of the wholly-owned subsidiary company was increased from 96.96% to 100% in PJSC Biosintez, the pharma company said in the filing.
The acquisition of shares would not fall within related party transaction(s), as the shares are being acquired by Sun Pharma (Netherlands) BV from the shareholders of PJSC Biosintez.
The shareholding of Sun Pharma (Netherlands) BV (a subsidiary company of Sun Pharmaceutical Industries Ltd) in the Target Entity is 96.96%, prior to this purchase of shares and hence the Target Entity was already a subsidiary of the Company. – IIFL