Ranbaxy picks up 14.9% stake in Jupiter

NEW DELHI: Ranbaxy Laboratories has acquired 14.9% stake in Hyderabad-based specialised compound maker Jupiter Bioscience for Rs 46 crore.

Jupiter Bioscience informed the Bombay Stock Exchange (BSE) that the company’s board of directors has allotted 31.77 lakh equity share warrants to Ranbaxy on a preferential basis, which is about 14.91% of the company’s expanded issued share capital at Rs 147 per equity share warrant.

The equity shares warrants can be converted into equity share within 18 months from the date of allotment or at the time of exercise of option by Ranbaxy. The company has already received 20% of the total consideration upfront, it added.

Earlier this year, Ranbaxy picked up 14.9% stake in Hyderabad-based Zenotech. It also picked up similar stake in Krebs Pharmaceuticals, to gain access to the latter’s fermentation technology.