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Sun Pharma May Need to Pay $37 Million to Boost Taro Stake, Spokesman Says

By Adi Narayan -

Sun Pharmaceutical Industries Ltd. said it may have to pay $37 million to boost its stake in Taro Pharmaceutical Industries Ltd. after Israel’s highest court ruled Sun could proceed with its takeover offer for Taro.

Sun may be able to raise its stake in Taro to 48 percent after the ruling, company spokesman Uday Baldota said in a phone interview today. The company has the funds to increase its holding, he said.

To contact the reporter on this story: Adi Narayan in Mumbai at anarayan8@bloomberg.net

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