Sun Pharma raises stake in Russia's PJSC Biosintez to 96.96 per cent

New Delhi: Sun Pharmaceutical Industries Wednesday said 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, Sun Phrarmaceuticals Industries said in a regulatory filing.

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.

After the completion of this purchase of shares, the total holding of wholly-owned subsidiary was increased from 85.10 per cent to 96.96 per cent in the Russian firm, it added.

PJSC Biosintez had revenues of RUB 2,373 million in 2018. It is mainly engaged in the manufacture and marketing of pharmaceutical products used in the hospital segment of the market.

The company's products include pharmaceuticals for injections, blood substitutes, blood preservatives, ampoules, tablets, ointment, creams, gels, suppositories and API among others, the filing added.