Berhyanda Limited’s open offer boosts Suven Pharmaceuticals’ share price
Cyprus-based Berhyanda Limited’s open offer for an additional 26% public voting share capital in Suven Pharmaceuticals, a move that triggered a 2.3% increase in Suven’s share price. The offer, which involves 6.61 crore shares priced at ₹495 each, runs from October 20 to November 3, 2023.
The proposed acquisition is at a discount of ₹79 from the market price and if fully subscribed, would total ₹3,276 crore. This development follows Berhyanda’s recent acquisition of a 50% stake from Jasti Property and Equity Private Holdings Limited, a promoter group, on September 29, 2023.
The cabinet committee has approved a substantial ₹9,589 crore (INR100 crore = approx. USD12 million) Foreign Direct Investment (FDI) deal for Suven Pharma. Additionally, the Competition Commission of India has given the green light for Berhyanda’s acquisition of up to 76.10% of Suven’s voting share capital.
