The second open offer from German Remedies Ltd at Rs.300 per share to acquire the remaining 44.60 per cent public shareholding has resulted in the acquirer's stake touching around 80 per cent in the company, informed sources said here.
Prior to the offer the institutional investors' stake was 12.22 per cent while that of the public is 29.07 per cent. Others were holding 3.31 per cent. It is not known who all among the three categories have tendered their shares.
The shares in the physical form are being verified and this is taking time, it is learnt. However, the stake is expected to touch 80 per cent. Cadila and Recon, its subsidiary, together had a 55.4 per cent stake in GRL.
It may be recalled that Zydus Cadila Healthcare Ltd, the current parent company of GRL, had made it clear that it intended to delist the company as they wanted only one listed entity on the bourses. Since the second open offer has not touched the 90 per cent mark for delisting, the company will have to initiate another round of open offer for the remaining shareholders who are refusing to part with the scrips.