Finally, Ranbaxy becomes part of Daiichi Sankyo
Japanese drug major, Daiichi Sankyo has completely acquired 52.5 per cent equity stake in India's Ranbaxy Laboratories. The process is carried out through off-market and stock exchange transactions. Ranbaxy Laboratories is the largest pharmaceutical company of the country. It has become the subsidiary of Daiichi Sankyo after acquisition of majority shares. The deal worth Rs 19,850 crore was initiated in June this year. It would enable Daiichi to use the generic expertise of Raanbaxy.
Ranbaxy sold 22 per cent of the promoters' stake through an off-market transaction. The Ranbaxy board approved preferential share allotment for remaining shares. Ranbaxy Chairman and Managing Director, Malvinder Mohan Singh hinted that remaining promoter’s shares can be sold in coming weeks. He said that the promoters would pay the tax according the laws of soil.
The company is expected to come under a capital gains tax of about 10 per cent as the deal is done through off-market. The tax could further increase to 20 per cent if the company chooses an indexation route.