Daiichi open offer for 20% in Ranbaxy; opens on Aug 16

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New Delhi, Aug 5 (UNI) Ranbaxy Laboratories today said open offer by the Japanese drugmaker Daiichi Sankyo for acquiring an additional 20 per cent stake in it will begin on August 16.

Pursuant to the Securities and Exchange Board of India (SEBI) letter dated August 4, giving its observations on the draft letter of the offer filed, the open offer would open on August 16, instead of earlier scheduled August 8, Ranbaxy Laboratories said in a statement.

Singhs have sold out entire stake in Ranbaxy to Daiichi.

The offer would expire on September 4, instead of the previously scheduled August 27, the statement added.

Last week, Daiichi Sankyo had deferred its open offer following the delay in regulatory approvals.

The Japanese drugmaker received approvals from the SEBI and the Foreign Investment Promotion Board for the acquisition of 34.8 per cent stake in Ranbaxy yesterday.

Earlier on June 16, Daiichi, which had agreed to acquire the promoters' 34.8 per cent stake in Ranbaxy, had made an open offer for acquiring up to 9.21 crore shares, representing 20 per cent stake at a price of Rs 737 each.

On successful completion, Daiichi would hold over 58.09 per cent stake in Ranbaxy. ICICI Securities is the manager to the offer.

Daiichi had announced the acquisition of a majority stake of more than 50 per cent in Ranbaxy for over Rs 15,000 crore, which is expected to complete by March 2009.

Post acquisition, Ranbaxy would continue to be listed on the exchanges.

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