Drug firm Zenotech Laboratories today posted a net loss of Rs 3.22 crore for the quarter ended June 30, 2010.
The company had a net loss of Rs 3.41 crore in the corresponding period previous fiscal.
Total income of the company stood at Rs 1.47 crore for the quarter ended June 30, compared to Rs 1.07 crore in the corresponding period last fiscal, Zenotech Laboratories said in a filing to the Bombay Stock Exchange (BSE).
Yesterday, Japanese drug firm Daiichi Sankyo commenced a Rs 78.2 crore open offer to buy 20 per cent stake in Zenotech Laboratories at Rs 113.62 per share.
The open offer to acquire 68.86 lakh fully paid up shares of face value of Rs 10 each will close on August 23, it said.
Daiichi's offer follows a recent Supreme Court verdict that it should be made at a price of Rs 113.62 per share.
The Japanese firm was required to make the open offer for Zenotech, following its acquisition of a majority stake in Ranbaxy Laboratories in 2008.
When Ranbaxy picked up 46.8 per cent stake in Zenotech in 2007, the Gurgaon-based firm had committed to make an open offer for 20 per cent Zenotech shares at a price of Rs 160 per scrip.
After buying out Ranbaxy, Daiichi automatically got the Zenotech stake but refused to offer more than Rs 113.62 per share for Zenotech.
Following this, Zenotech promoter Jayaram Chigurupati approached the Securities Appellate Tribunal (SAT), which upheld the plea.
Daiichi then moved the Supreme Court, challenging the SAT order.
Shares of Zenotech Laboratories were trading at Rs 96.15 on the BSE, up 2.12 per cent from its previous close.
