Sun Pharma to seek shareholders nod for Ranbaxy acquisition

  • PTI, New Delhi
  • Updated: Jul 30, 2014 21:46 IST

Mumbai-based Sun Pharmaceutical Industries will seek shareholders nod for its $4 billion acquisition of Ranbaxy Laboratories in a court convened meeting on August 22.



In a filing to the BSE, the company said the meeting would be held at Vadodara on August 22, 2014.



The company said the Gujarat high court had issued an order on July 16, directing the company to hold a meeting of its equity shareholders to consider and approve the scheme of arrangement between Sun Pharma and Ranbaxy.



In April this year in one of the biggest deals involving two Indian drug makers, Sun Pharmaceutical Industries had announced it would fully acquire rival Ranbaxy Laboratories in an all-stock transaction valued at $3.2 billion along with nearly $800 million debt of the Gurgaon based firm.



Post the deal, the combined entity would become the largest pharmaceutical company in India, with an estimated combined revenue of $4.2 billion, and the fifth-largest specialty generics company in the world.



The deal has however come under scanner of the markets regulator Securities and Exchange Board of India (Sebi) for alleged insider trading violations.



Last week, Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) have given 'no-objection' to the deal although the two companies are yet to get an approval from the Competition Commission of India.

From Around the Web
Sponsored by Revcontent

also read

Boeing to deliver two Dreamliners to Air India this year, four more in 2017
Show comments

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Chrome and Ad BlockPlus users

1.Press the ‘ABP’ icon in your toolbar at top right of this page

2. Click on ‘Enabled on this site’; this should now change to ‘Disabled on this site’


chrome



For Chrome and Ad Block users

1.Press the ‘AdBlock’ icon in your toolbar

2.Select the option ‘Don’t run on pages on this domain’ and then click ‘exclude’ on the pop up


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Mozilla and AdBlock Plus (ABP) users

1.Press the ‘ABP’ icon in your toolbar

2.Select the option ‘Disable on hindustantimes.com’


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Internet Explorer and AdBlock Plus users

1.Press the ‘AdBlock Plus’ icon in your status bar at the bottom of the screen

2.Select the option ‘Disable on hindustantimes.com’


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Safari and AdBlock users

1.Press the ‘AdBlock’ icon in your toolbar

2.Select the option ‘Don't run pages on this domain’ and then click 'exclude'


chrome