Virupaksha Organics Limited has launched an open offer to acquire 96,16,000 equity shares of Oxygenta Pharmaceutical Limited at a price of ₹40.00 per share, which totals ₹38.46 crore.
The acquisition represents 26% of Oxygenta’s Emerging Voting Share Capital. The offer price is backed by a valuation process, including negotiated price and volume-weighted average price.
The acquirer has already deposited ₹11.53 crore, which is 30% of the maximum consideration, in an escrow account as part of the regulatory requirements. The open offer is scheduled to begin on November 25, 2024, and will close on December 6, 2024, pending statutory approvals. This move marks a significant step for Virupaksha Organics in expanding its influence within the pharmaceutical sector.
