Payments on Ranbaxy open offer concluded: Daiichi Sankyo

October 17th, 2008 - 12:39 pm ICT by IANS  

New Delhi, Oct 17 (IANS) Japanese drug maker Daiichi Sankyo Friday said it had made all payments worth Rs.68.186 billion (around $1.5 billion) toward the open offer to buy 20 percent stake in India’s largest pharmaceuticals company Ranbaxy Laboratories.A total of 92,519,126 shares has been accepted at a price of Rs.737 each, the company said in a statement from Tokyo.

As required by the markets watchdog, Daiichi Sankyo also agreed to pay interest to the shareholders of Ranbaxy for the delay in payment beyond the 15-day consideration period beginning Sep 19.

“In accordance with the direction received from Securities and Exchange Board of India (SEBI), Daiichi Sankyo has, along with the aforementioned amount paid interest to such shareholders of Ranbaxy,” the company statement said.

Daiichi Sankyo had entered into a share purchase and share subscription pact June 11 for a series of transactions to achieve holding of 50.1 percent or more of the voting capital of Ranbaxy.

The Japanese drug maker is now expected to acquire the equity stake held by the promoters, Malvinder Singh and family, and subscribe to preferential allotment of equity shares and warrants, to take their holding to desired levels.

The company, however, did not comment on the denial of permission to enter into the block deal with the promoters through the stock exchanges that could result in a capital gains tax of an estimated Rs.10 billion on the seller.

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