SEBI REJECTS SUN PHARMA'S OFFER FOR GUJARAT LYKA
Article Abstract:
The application of Sun Pharmaceutical Industries Ltd (SPIL) for an exemption from the takeover code for acquiring 20.17 percent stake in Gujarat Lyka Organics Ltd (GLO) has been rejected by the Securities and Exchange Board of India (Sebi). SPIL had proposed to acquire 32,07,500 equity shares (20.17 percent stake) in GLO from Virtuous Finance Ltd (VFL), Jeevanrekha Investrade Pvt Ltd (JIPL) and Package Investrade Pvt Ltd (PIPL). VFL, JIPL and PIPL are investment companies promoted by SPIL's promoter and associates. Sebi has rejected the application since the applicants had failed to prove that they were companies coming under the definition of group, as defined in Sebi's regulations. (ag)
Comment:
Request for an exemption from takeover code for acquiring 20.17% stake in Gujarat Lyka Organics is rejected
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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SUN PHARMA EYES PLETHICO, BEGINS TALKS FOR TAKEOVER
Article Abstract:
Sun Pharmaceuticals has commenced preliminary takeover negotiations with Plethico Pharmaceuticals, Indore. Plethico is a producer of anti-tuberculosis and anti-malarial drugs. It also produces methi-based products used in the treatment of cholesterol, and a doxycycline brand. Plethico has two production facilities at Indore. Sun posted a net profit of Rs56.12 crore during 1997-98 (Rs49.07 crore in 1996-97). (ag)
Comment:
Commences preliminary takeover negotiations with Plethico Pharmaceuticals, producer of anti-tuberculosis & anti-malarial drugs
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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SHALIL SHROFF UPS STAKE IN PUNJAB CHEMICALS TO 10%
Article Abstract:
Mr Shalil Shroff, one of the promoters of Punjab Chemicals and Pharmaceuticals Limited, has increased his stake in the company by 2 percent. This was done by acquiring the 1.88 percent stake held by Transpek Industry of Baroda and 0.12 percent from the market. Mr Shroff's stake in the Rs2.16 crore equity capital in Punjab Chemicals and Pharmaceuticals has now increased to almost 10 percent. (khr)
Comment:
Sells its 1.88% stake in Punjab Chemicals & Pharmaceuticals to Mr Shalil Shroff
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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