Sun Pharma increases holding in Caraco

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.