As of 30 June 2010 Zenith Pharmaceuticals owned 19.03% stake in Strides Arcolab, VCCircle reported.
The deal valued the Bangalore-based company at INR17.46bn.
Zenith sold 7.98 million shares to seven institutional investors at INR400.13 a share.
Carlson Fund, Deutsche Securities, Jainam Investments, Morgan Stanley Mauritius, Reliance Mutual Fund, Reliance Life Insurance and SBI Life Insurance were the buyers, bulk deal data showed.
Group CFO TS Rangan said that the promoters Arun Kumar and K Ravishankar currently own 29.5% of the company.
Zenith Pharmaceuticals is a member of the Ahmed Group, a private sector industrial conglomerate in Bangladesh. It manufactures and markets its own branded generics for almost all diseases from hypertension to diabetes for both national and international market.
Strides Arcolab is a manufacturer of soft gelatin capsules and sterile parenterals. With 13 plants across India, Singapore, Brazil, Mexico, Poland and Italy, it offers partners the advantage of multi-locational product sourcing and undertakes contract R&D and manufacture of pharmaceutical dosage forms.