Japanese drug manufacturer Daiichi Sankyo Company Ltd has announced that it will pay Rs.737 per share to shareholders of Ranbaxy Laboratories in its open offer coming on Aug 16. Earlier, Indian government approved Daiichi Sankyo's stake purchase in Ranbaxy Laboratories last week.

 

This Japanese pharmaceutical company earlier in the month of June had agreed to buy up 34.8 percent stake in Ranbaxy from its major shareholders and promoters Malvinder Mohan Singh and family. Under the existing scenario on India's equities market, the BSE, Ranbaxy's share price was quoted at Rs.510.70 in late afternoon trade, up Rs.5.75 or 1.14 percent.

 

A company release said that, now, Daiichi under new offer of Rs.737 per share will try to acquire a maximum of 92,519,126 shares of Ranbaxy for an aggregate value of Rs.68,186 million. The same release said that the aggregate price of the offer is the amount obtained by multiplying the number of shares planned to be purchased - 92,519,126 shares - by the offer price, i.e. Rs.737 per share.