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Chennai:
Indian speciality drugs major Sun Pharmaceutical Industries
Ltd has increased its holding in the Detroit-based Caraco
Pharmaceutical Laboratories by 1.87 per cent to 63.14
per cent. The increase happened when the company acquired
0.5 million shares from an individual shareholder at $9
per share.
This
acquisition follows an increase in Sun Pharma''s equity
stake in Caraco January this year, when the Indian company
raised its equity holding in the target company to over
60 per cent from 44 per cent with the purchase of stock
from two individual shareholders at a cost of $42 million
($9 per share/option).
Sun
Pharma expects to fund this acquisition from internal
accruals.
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