The proposal comes in the wake of Sun Pharma's proposed $4-billion deal to merge Ranbaxy Laboratories with itself as the latter holds significant stake in Zenotech.
Through the open offer, Sun Pharma plans to acquire more than 96 lakh shares of Zenotech, amounting to 28.1 per cent.
The price would be Rs. 19 per share translating to an aggregate of Rs.18.42 crore, according to regulatory filing by Zenotech.
Zenotech shares today closed on BSE at Rs. 22.20 a rise of 4.96 per cent from its previous close.
Ranbaxy held 46.79 per cent stake in Zenotech as on March 31.The Sun Pharma-Ranbaxy deal is subject to various approvals including from their respective shareholders.