Ranbaxy gets shareholders nod for securities issue to Daiichi | business | Hindustan Times
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Ranbaxy gets shareholders nod for securities issue to Daiichi

business Updated: Jul 15, 2008 12:38 IST

Pharmaceutical firm Ranbaxy Laboratories on Tuesday said it has received shareholders approval for allotment of over 7 crore securities to Japanese drug maker Daiichi Sankyo.

The shareholders of the company at the extra ordinary general meeting held today approved the allotment of 46,258,063 equity shares and 23,834,333 warrants to Daiichi Sankyo company on preferential basis, Ranbaxy said in a filing to the Bombay Stock Exchange.

Ranbaxy would issue over 4.62 crore equity shares at Rs 737 each and over 2.38 crore warrants convertible into one equity share of Rs 737 a piece, the company added.

Recently, Ranbaxy had announced that the promoters has signed a share purchase agreement with Daiichi Sankyo to sell off their entire stake of 34.8 per cent in the company to the Japanese firm for Rs 9,576.14 crore.

Meanwhile, the Japanese drug firm, has made an open offer to pick up a further 20 per cent stake in the domestic pharma major for up to Rs 6,818.65 crore.

On completion of the acquisition, the board of directors of the company would be re-constituted to comprise 10 members, of which a combination four independent and non-independent directors would be nominated by Ranbaxy, while the rest six would be named by Daiichi Sankyo.

Shares of Ranbaxy were down over 7 per cent and was quoted at Rs 442.40 in morning trade on the Bombay Stock Exchange.