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Corporate News
26-Sep-23
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Suven Pharmaceuticals update on acquisition of up to 76% stake by Berhyanda, Cyprus
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Suven Pharmaceuticals announced that the company has received an intimation on 25 September 2023, that the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, has
granted its approval for acquisition of up to 76.1% shareholding in the Company by M/s. Berhyanda, Cyprus (Acquirer) by way of transfer of 12,75,37,043 equity shares aggregating to 50.1% of shareholding in the Company from promoters of the Company (Jasti Property and Equity Holdings) and acquisition of up to 6,61,86,889 equity shares aggregating to 26% 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% shareholding in the Company.
The Acquirer will hold 76.1% of the paid-up share capital of the Company and other foreign investors including FPIs will hold up to 14% 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.
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