Suven Pharma trades 2% up on open offer for 6.61 crore shares

The price offered of Rs 495 to public shareholders is at a discount of Rs 79 to the current market price.

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Shares of Suven Pharmaceuticals traded up 2.3 percent at Rs 575.10 around 1.47pm  after the company announced an open offer for acquisition of over six crore shares by Berhyanda Limited.

Berhyanda Limited, a Cyprus-based company along with Berhyanda Midco Limited, and Jusimiral Midco Limited will make a cash offer for 6.61 crore Suven Pharma shares at a price of Rs 495 each, said the company in an exchange filing. The equity shares represent 26 percent of voting share capital by public shareholders.

The price offered at Rs 495 to public shareholders is at a discount of Rs 79 to the current market price.

Assuming the full acceptance of the offer, the total consideration of the offer size would be Rs 3,276 crore. The open offer will start on October 20 and close on November 3.

Berhyanda Limited on September 29 acquired 50 percent of Suven Pharmaceuticals. In order to acquire the existing 26 percent, it has made the open offer. Berhyanda bought stake from the promoter group Jasti Property and Equity Private Holdings Limited.

“All public shareholders who own Suven Pharmaceuticals equity shares and are able to tender such equity shares in this offer at any time before the closure of the tendering period, are eligible to participate in this open offer,” said the company.

Also read: Suven Pharma soars 6% as cabinet committee greenlights Rs 9,589 crore FDI deal

The Competition Commission of India had in April approved the acquisition of up to 76.10 percent of the voting share capital of Suven Pharmaceuticals Limited by Berhyanda Limited.

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