In October 2007, Ranbaxy Laboratories picked up a 38 per cent additional stake in the company, taking its shareholding in the Hyderabad-based firm to 45 per cent. However, Ranbaxy had made it clear that it is not interested in taking over the company.
A bench comprising Justice Aftab Alam and Justice R M Lodha set the open offer price for Zenotech Labs at Rs 113.62 per share, as against Rs 160 per share fixed by the SAT for Daiichi-Sankyo to acquire an additional 20 per cent stake in the company.
Over the past few months, the two firms had been battling in courts over the price of the open offer. SAT's order regarding the status quo of the public offer came after Zenotech's two shareholders -- Jayaram Chigurupati and Narayan -- moved the tribunal against the Securities and Exchange Board of India's nod to Daiichi for the offer at Rs 113 a share.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers's queries on stocks they own or want to buy.
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