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<keyword id="20026907" type="General" weightage="20" keywordseo="sun-pharma" source="keywords">Sun Pharma</keyword>ceutical Industries on Thursday said it will acquire the remaining 21.52% stake in Israel-based <keyword id="20238726" type="General" weightage="100" keywordseo="taro" source="keywords">Taro</keyword> Pharmaceutical Industries for Rs 2,891.76 crore, enabling the merger of the two entities. The acquisition of 8,086,818 shares (21.52%) will be at the cost of Rs 2,891.76 crore, Sun Pharma said. The Mumbai-based drug major has agreed to acquire all of the outstanding ordinary shares of Taro for USD 43 per share in cash without interest, as per the definitive merger agreement. Sun Pharma already owns a 78.48% stake in Taro. "Over the years, with Sun Pharma's strategic interventions, Taro has remained a key player in the generic dermatology market in a challenging environment," Sun Pharma Managing Director <keyword id="207035" type="General" weightage="20" keywordseo="Dilip-Shanghvi" source="Orion">Dilip Shanghvi</keyword> said in a statement. After the merger, the combined entity will firmly move forward, leveraging its global strengths and capabilities to better serve the needs of patients and healthcare professionals, he added. Upon completion of the merger, currently expected to close in the first half of 2024, Taro will become a privately held company and its shares will no longer be listed on the NYSE. "Taro is committed to delivering high-quality products to our patients and customers around the world. This merger will further enable us to compete effectively in our products and markets," Taro CEO <keyword id="372826" type="General" weightage="20" keywordseo="Uday-Baldota" source="Orion">Uday Baldota</keyword> said. The merger agreement was unanimously recommended by the Special Committee, which was formed by Taro's Board of Directors to consider Sun Pharma's proposal. Upon receiving the unanimous recommendation of the Special Committee, and following unanimous approval by Taro's Audit Committee, Taro's Board and the Board of Directors of Sun Pharma unanimously approved the definitive merger agreement. Sun Pharma said the USD 43 per share purchase price represents a 48% premium over the closing price of USD 28.97 per share on May 25, 2023, the last trading day before Sun Pharma first submitted its non-binding proposal to Taro. The purchase price also represents a 13% increase over the initial proposed purchase price of USD 38 per share as proposed on May 26, 2023. Sun Pharma shares were trading 1.52% up at Rs 1,319 apiece on BSE.

Sun Pharma to acquire remaining 21.5% shares of Israel-based Taro for Rs 2,892 crore

<ul><li>The 30-share BSE index was trading 0.56% higher; while the NSE Nifty jumped 62.90 points at 9:50 am. </li><li>These were the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market index Sensex jumped over 200 points in early trade on Tuesday driven by gains in index-heavyweights TCS, Infosys and HDFC amid positive cues from global markets. They have now pared their morning gains, led by fall in the banking stocks. The 30-share BSE index was trading 0.56% higher; while the NSE Nifty jumped 62.90 points at 9:50 am. These were the top losers and gainers in the Nifty pack: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Airtel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Power Grid </td></tr></tbody></table>*as of September 29, 10:00 am These are the top stocks in news today. Shalby gains 4% The shares of Shalby Limited were trading 4% higher after the board approved the decision to reduce promoters’ shareholding in the company to 75% from the current level of 79.45%. The company will issue equity shares and convertible securities up to ₹ 117.02 crore, it said. Maruti Suzuki India up over 1% The automaker Maruti Suzuki India was trading 1% higher after Morgan Stanley, and HSBC upgraded their ratings to ‘Buy’. The Morgan Stanley revised target price is now at ₹7,570 a share. Anuh Pharma surges 5% The shares of Pharma major Anuh Pharma were up 5% on September 29 after it received approval from the World Health Organization— Geneva Prequalification for Pyrimethamine API, which is used as antimalarial drugs. Tata Consultancy Services up 4% Tata Consultancy Services (TCS) shares were trading 4% higher after the IT major told investors that it won four Stevies at the 2020 International Business Awards. TCS was recognized with two Gold Stevies, one Silver Stevie and one Bronze Stevie for achievements in North America and India, the company said. Hero MotoCorp gains 2% Extending gains for the second day, Hero MotoCorp shares were trading 2% higher after <a href="https://www.newindianexpress.com/business/2020/sep/26/hero-motocorp-harley-engaged-in-advancednegotiations-2202082.html">news reports</a> surfaced that the US-bike maker Harley Davidson is in talks with the Indian two-wheeler major to enter into a distribution arrangement. Infosys surges 2% The shares of IT major Infosys surged over 2% after its wholly-owned subsidiary EdgeVerve Systems recently signed a partnership with Minit, a leader in process mining, to help clients accelerate process excellence. The company said it would jointly create a solution that will empower enterprises with superior insights for business transformation, leading to better operational efficiency and enhanced business results. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/uti-amcs-2160-crore-ipo-opens-today-heres-all-you-need-to-know/articleshow/78376756.cms" data-type="tilCustomLink">UTI AMC’s ₹2,160 crore IPO opens today — Here’s all you need to know</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-infosys-central-bank-of-india-dhfl-anuh-pharma-shalby-balaji-telefilms-and-others/articleshow/78376167.cms" data-type="tilCustomLink">Top stocks to watch— Infosys, Central Bank of India, DHFL, Anuh Pharma, Shalby, Balaji Telefilms and others</a>

Top stock movers — TCS, Wipro, Infosys, Maruti Suzuki, Hero Motocorp, Anuh Pharma and more

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Sun Pharma to acquire remaining 21.5% shares of Israel-based Taro for Rs 2,892 crore

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Top stock movers — TCS, Wipro, Infosys, Maruti Suzuki, Hero Motocorp, Anuh Pharma and more

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