Zee Media Bureau
Shares of Ranbaxy Laboratories will stop trading on BSE and NSE with effect from Monday (April 6) onwards as the company is merging with Sun Pharmaceutical Industries in a USD 4 billion deal.
Sun Pharma would be delisting Ranbaxy from the exchanges.
It has consummated the merger of Ranbaxy following receipt of requisite approvals.
In separate circulars on March 26, leading bourses BSE and NSE said suspension in trading of the scrip would be effective from April 6, 2015.
Sun Pharma has fixed April 7 as the record date for determining the entitlement of Ranbaxy shareholders to the equity shares of the former.
Upon the amalgamation scheme becoming effective, Sun Pharma would allot shares to all the shareholders of Ranbaxy in the exchange ratio of "0.80 equity share of Re 1 each of Sun Pharmaceutical Industries for every 1 equity share of Rs 5 each held in Ranbaxy Laboratories Ltd," BSE said in its circular.
In April, 2014, Sun Pharma had announced it would acquire Ranbaxy in an all-stock transaction worth USD 4 billion that includes USD 800 million debt.
The merger would create India's largest and the world's fifth-largest drug maker.
Shares of Ranbaxy Laboratories on Wednesday (April 1) ended with strong gains on the last day of its trade.
Shares of Ranbaxy Laboratories gained 5.63 percent to end at Rs 859.90 on the BSE. During the day, it soared 6.74 percent to Rs 869 -- its 52-week high.
Sun Pharmaceutical Industries also rose by 5.51 percent to settle at Rs 1,078.55. The stock was the top gainer among the 30-Sensex scrips.
With PTI Inputs
