Zenith Pharmaceuticals has almost exited its over eight-year old investment in Strides Arcolab, by selling 18.32 per cent stake in the Bangalore-based drug maker for nearly Rs 320 crore. The deal valued the company at Rs 1,746 crore. In an open market transaction on the Bombay Stock Exchange yesterday, Zenith sold 7.98 million shares to seven institutional investors at Rs 400.13 a share.
Morgan Stanley Mauritius, Deutsche Securities, SBI Life Insurance, Reliance Life Insurance, Carlson Fund, Reliance Mutual Fund and Jainam Investments were the buyers, bulk deal data showed. As of June 30, Zenith Pharmaceuticals owned 19.03 per cent stake, in Strides Arcolab.
