HT Image
HT Image

What is this deal all about?

Ranbaxy Laboratories Ltd, India largest pharmaceutical company by sales, would now be majority owned by Japan’s Daiichi Sankyo Company.
By HT Correspondent | None, New Delhi
UPDATED ON JUN 11, 2008 10:37 PM IST

Ranbaxy Laboratories Ltd, India largest pharmaceutical company by sales, would now be majority owned by Japan’s Daiichi Sankyo Company.

In an all cash deal, the largest in India's pharmaceuticals space, Ranbaxy promoters led by CEO Malvinder Mohan Singh have agreed to sell their stake, 34.8 per cent, to Daiichi Sankyo for Rs 9,576 crore ($2.4 billion) or Rs 737 per share, the company said on Wednesday.

Along with open offer for 20 per cent stake, which Daiichi Sankyo will make soon, the Japanese company will shell out between $3.4 billion and $4.6 billion for the controlling stake, depending on the response to the open offer.

“On the consummation of the transaction, Daiichi Pharmaceutical will have 50.1 per cent stake in the company,” Singh said.

“This was emotional decision for the family. However, going forward it would immensely benefit all the stake holders including investors, employees and consumers.”

The deal values Ranbaxy at $8.5 billion (Rs 35,000 crore), or Rs 737 per share, and would catapult the combined entity to the rank of 15 among the world's biggest drug makers. Currently, Daiichi is ranked 22.

Ranbaxy shares had gained 10 per cent through the past three trading sessions in anticipation of the deal, but on Wednesday the stock closed nearly flat at RS 506.80.

Even after selling his entire stake, Malvinder Mohan Singh will continue as chief executive and also become chairman of the board of the Indian group. In addition to the share transfer from promoters, Ranbaxy would issue fresh equity shares and warrants to Daiichi.

Singh said described the decision as “a significant milestone in our mission of becoming a research-based international pharmaceutical company."

More than 90 per cent of Ranbaxy's sales currently come from generic products. The move will “complement our strong presence in innovation with a new, strong presence in the fast growing business of non-proprietary pharmaceuticals,” said Takashi Shoda, chief executive of Daiichi Sankyo.

The transaction is expected to be completed by March 2009.

SHARE THIS ARTICLE ON
app
Close
WhatsApp users received a notification this month that it was preparing a new privacy policy and terms, and it reserved the right to share some user data with the Facebook app.(REUTERS)
WhatsApp users received a notification this month that it was preparing a new privacy policy and terms, and it reserved the right to share some user data with the Facebook app.(REUTERS)

WhatsApp defers new policy on info sharing

By HT Correspondent, New Delhi
PUBLISHED ON JAN 16, 2021 11:38 PM IST
WhatsApp cancelled its February 8 deadline for accepting the tweak to its terms of service, involving sharing data with Facebook servers. The platform said it would instead “go to people gradually to review the policy at their own pace before new business options are available on May 15.”
Close
A bitcoin sculpture made from scrap metal is installed outside the BitCluster cryptocurrency mining farm in Norilsk, Russia.(Bloomberg)
A bitcoin sculpture made from scrap metal is installed outside the BitCluster cryptocurrency mining farm in Norilsk, Russia.(Bloomberg)

Bitcoin swings undermine CFO case for converting cash to cryptocurrency

Bloomberg
PUBLISHED ON JAN 16, 2021 09:16 PM IST
Chief financial officers, not generally known as a risk-loving bunch, watched Bitcoin sink more than 25% in a 24-hour period starting Sunday.
Close
Jimmy Tata, the chief credit officer, sold 1,400 shares of the bank held by him in what the lender termed as an "inadvertent trade".(Reuters)
Jimmy Tata, the chief credit officer, sold 1,400 shares of the bank held by him in what the lender termed as an "inadvertent trade".(Reuters)

HDFC Bank penalises its executive for inadvertently selling shares

PTI, Mumbai
PUBLISHED ON JAN 16, 2021 09:01 PM IST
The panel has determined that there was a violation of the Bank's Code and PIT Regulations and imposed a penalty of 10.20 lakh on Tata.
Close
Adani Group chairman Gautam Adani.(Reuters)
Adani Group chairman Gautam Adani.(Reuters)

Adani Group rebuts allegations, says no loan to it turned NPA

PTI, New Delhi
PUBLISHED ON JAN 16, 2021 08:43 PM IST
The ports-to-energy conglomerate said it has built stellar infrastructure assets in the nation adopting prudent corporate governance.
Close
The Mumbai-headquartered startup filed initial public offering documents with India’s market regulator on Friday.(AFP/For Representational Purposes Only)
The Mumbai-headquartered startup filed initial public offering documents with India’s market regulator on Friday.(AFP/For Representational Purposes Only)

Billionaire Jhunjhunwala-backed game startup Nazara starts India's tech IPO rush

Bloomberg
UPDATED ON JAN 16, 2021 08:23 PM IST
  • Founded by gamer Nitish Mittersain in 2000, when he was a college undergrad, Nazara is among the firms that have benefited from a global boom in smartphone gaming that began even before the pandemic drove millions online.
Close
Reserve Bank of India (RBI) governor Shaktikanta Das also said that the current COVID-19 pandemic-related shock will place greater pressure on the balance sheets of banks in terms of non-performing assets, leading to erosion of capital.
Reserve Bank of India (RBI) governor Shaktikanta Das also said that the current COVID-19 pandemic-related shock will place greater pressure on the balance sheets of banks in terms of non-performing assets, leading to erosion of capital.

RBI policies helped ease severity of economic impact of Covid-19: RBI Guv

PTI, New Delhi
PUBLISHED ON JAN 16, 2021 02:50 PM IST
With the principal objective during the pandemic to support economic activity, Das said, "looking back, it is evident that our policies have helped in easing the severity of the economic impact of the pandemic".
Close
Reserve Bank of India (RBI) governor Shaktikanta Das also said that the current COVID-19 pandemic-related shock will place greater pressure on the balance sheets of banks in terms of non-performing assets, leading to erosion of capital.
Reserve Bank of India (RBI) governor Shaktikanta Das also said that the current COVID-19 pandemic-related shock will place greater pressure on the balance sheets of banks in terms of non-performing assets, leading to erosion of capital.

Open to examine proposal on bad banks: RBI governor Shaktikanta Das

ANI, New Delhi
PUBLISHED ON JAN 16, 2021 02:27 PM IST
Talking about the governance reforms Das said integrity and quality of governance are keys to good health and robustness of banks and non-banking financial companies (NBFCs).
Close
RBI Governor Shaktikanta Das addresses media conference, in Mumbai on Friday. (ANI Photo)
RBI Governor Shaktikanta Das addresses media conference, in Mumbai on Friday. (ANI Photo)

Need to support economic revival, financial stability: RBI Governor

PTI, Chennai
PUBLISHED ON JAN 16, 2021 02:23 PM IST
The regulated entities on their part need to strengthen their internal defences to identify emerging risks early and manage them effectively.
Close
RBI Governor Shaktikanta Das addresses media conference, in Mumbai on Friday. (ANI Photo)
RBI Governor Shaktikanta Das addresses media conference, in Mumbai on Friday. (ANI Photo)

Emerging markets need reserves as shock buffers, says RBI governor Das

Bloomberg
PUBLISHED ON JAN 16, 2021 01:03 PM IST
India’s rupee was Asia’s worst performer last year, as the central bank countered relentless foreign investment inflows with dollar purchases.
Close
Nomura said that in sync with the ongoing growth upcycle, the economy will enter a Goldilocks period in the coming months as inflation continues to moderate.(AP)
Nomura said that in sync with the ongoing growth upcycle, the economy will enter a Goldilocks period in the coming months as inflation continues to moderate.(AP)

Virus fears return to haunt markets

By Nasrin Sultana, Mumbai
PUBLISHED ON JAN 16, 2021 08:56 AM IST
The BSE Sensex fell 549.49 points, or 1.11%, to 49,034.67, while the Nifty shed 161.90 points to 14,433.70. Shares in other Asia-Pacific regions were mostly lower. South Korea’s Kospi fell the most at 2.03%, while Japan’s Nikkei shed 0.62% and the Topix index 0.89%.
Close
India’s third-largest software services company by revenue posted a profit of Rs.3,982 crore in the three months ended December 31, a 26.7% increase from the previous quarter,(Pradeep Gaur/Mint File Photo)
India’s third-largest software services company by revenue posted a profit of Rs.3,982 crore in the three months ended December 31, a 26.7% increase from the previous quarter,(Pradeep Gaur/Mint File Photo)

HCL Tech Dec qtr profit jumps 27% to Rs.3,982 crore

By Nandita Mathur, New Delhi
PUBLISHED ON JAN 16, 2021 08:55 AM IST
The strong performance prompted HCL Tech to lift its revenue forecast for the March quarter. It expects revenue during the quarter to grow 2-3% in constant currency terms, up from its previous estimate of 1.5-2.5%.
Close
Imports expanded 7.56% last month, the first time in 10 months, while exports grew 0.14%—leaving a trade deficit of $15.44 billion, according to data released by the commerce ministry on Friday.(Bloomberg)
Imports expanded 7.56% last month, the first time in 10 months, while exports grew 0.14%—leaving a trade deficit of $15.44 billion, according to data released by the commerce ministry on Friday.(Bloomberg)

India’s trade deficit at 25-month high in Dec

By HT Correspondent | Livemint, New Delhi
UPDATED ON JAN 16, 2021 04:33 AM IST
India’s merchandise trade had been weakening even before the pandemic hit the economy and external demand. Since March 2020, both exports and imports started declining in high double digits, even temporarily leading to a trade surplus in June for the first time in 18 years.
Close
Refunds issued are received within 20-45 days from the date of completion of processing of ITR by the Centralized Processing Centre (CPC).(HT FILE PHOTO )
Refunds issued are received within 20-45 days from the date of completion of processing of ITR by the Centralized Processing Centre (CPC).(HT FILE PHOTO )

How to check income tax refund status online. Read here

By hindustantimes.com | Edited by Shankhyaneel Sarkar, Hindustan Times, New Delhi
PUBLISHED ON JAN 15, 2021 11:37 PM IST
  • Income tax refund (ITR) status can be checked on the National Securities Depository Limited (NSDL) website as well as on the income tax department’s e-filing site.
Close
The Signal messaging app logo is seen on a smartphone, in front of the same displayed same logo, in this illustration. (REUTERS)
The Signal messaging app logo is seen on a smartphone, in front of the same displayed same logo, in this illustration. (REUTERS)

Signal sees global outage, company says 'working hard to restore service'

Written by Meenakshi Ray
UPDATED ON JAN 15, 2021 11:18 PM IST
Site status tracker DownDetector showed there were 2,167 reports about the issue as users reported they could open the app and send messages but were being delivered later.
Close
The Signal messaging app logo is seen on a smartphone.(REUTERS)
The Signal messaging app logo is seen on a smartphone.(REUTERS)

Messaging app Signal experiencing technical difficulties

Reuters
UPDATED ON JAN 15, 2021 10:48 PM IST
Signal has seen a rise in downloads following a controversial change in rival messaging app WhatsApp's privacy terms, which required WhatsApp users to share their data with both Facebook Inc and Instagram
Close
SHARE
Story Saved
OPEN APP