Cyprus-based Berhyanda Ltd. is going to acquire up to 26% of the 6.61 crore equity shares of Suven Pharmaceuticals Ltd. via an open offer.
The price determined for the open offer is Rs 495 apiece, which aggregates to Rs 32,763 crore, as mentioned in the offer letter released by the company. The open offer will start on Oct. 20 and close on Nov. 3.
Last month, the government agreed to a foreign direct investment of up to Rs 9,589 crore in Suven Pharmaceuticals, along with the acquisition of 76.1% of Berhyanda's equity shares.
The proposal was assessed by the Securities and Exchange Board of India, the Reserve Bank of India, the Competition Commission of India, and other relevant agencies. After the assessment, approval was granted, subject to the fulfilment of all rules and regulations applicable.
Advent International Corp., which holds the entire investment in the foreign investor firm Berhyanda, has made an investment of about $75 billion in 42 countries. Advent India has invested around Rs 34,000 crore in 20 Indian companies across multiple sectors.
The accepted investment aims to create new jobs and widen the capacity of Indian companies through investments in plant and equipment, the release said.
On Wednesday, shares of Suven Pharma closed 2.04% higher at Rs 573.65 apiece, as compared with a 0.60% rise in the benchmark BSE Sensex.
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