Sun Pharmaceutical Industries Limited has announced that one of the wholly owned subsidiaries of the company has agreed to acquire by way of allotment to it, 428,571 ordinary shares (equivalent to 12.5% fully diluted equity stake) of WRS Bioproducts Pty Ltd, Australia, a company that is developing novel technologies to produce and commercialize supplements and nutraceutical ingredients from diverse algae species in Australia.

The consideration to be paid will be AUD 2.0 mn for 12.5% stake (on fully diluted basis).