Zenotech to issue shares to Ranbaxy

MUMBAI: Zenotech Laboratories Ltd said on Friday that it has received shareholders approval for issuing 20 lakh equity shares to the country's biggest drug maker Ranbaxy Laboratories Ltd for Rs 20 crore.

The EGM held yesterday approved the proposal to issue shares of Rs 10 each to Ranbaxy at a price (including premium) of Rs 100 per share, the Hyderabad-based generic biopharmaceuticals manufacturer, said in a filing on the Bombay Stock Exchange.

Last month the company had received the board's nod for issuing the shares to Ranbaxy on a preferential basis.

Both the companies had also signed a deal in June under which, Ranbaxy's wholly owned subsidiary Ranbaxy Pharmaceuticals Inc was to market Zenotech developed generic cancer drugs in the US and Canada.