The Singhs, who sold 19.48%, would be paying capital gains tax of Rs 682 crore on the deal.
Japanese pharma major Daiichi Sankyo has acquired a total of 52.5% stake in Ranbaxy Laboratories, which includes a 19.48% stake from promoters, the Singhs, a preferential allotment of 11% and a 22% stake the company picked up from the open offer. The total number of shares including preferential and warrants acquired by Daiichi include 220,690,423 shares as of now. Daiichi Sankyo has now become the majority owner in the company. The board of Ranbaxy has approved the allotment of equity shares and warrants on Monday. The Singh family has sold the stake (19.48%), valued at Rs 6,037 crore. Since the deal has been done through an off-market transaction, they would be paying capital gains tax of Rs 603.7 crore plus 1% surcharge and 3% education cess on it. That is a total tax of Rs 682.1 crore. The Singhs have a remaining stake of 14.4% per cent, which according to a company spokesperson, will be sold to Daiichi Sankyo "very soon". It's not clear if the Singhs will take a bulk trade route or off-transaction to sell the remaining stake. Ranbaxy Pharmaceuticals has now received Rs 3,585 crore ($736 million) from Daiichi Sankyo, via share of preferential shares and warrants. The company has sold the shares at Rs 737 a share versus the current share price of Rs 261. In June this year, in one of the biggest buy outs of any Indian company by an MNC, Daiichi Sankyo announced it would acquire a majority stake in Ranbaxy. The promoters - Malvinder Singh and Shivinder Singh - were to sell their 34.8% stake at Rs 737 per share in the drugmaker, while the remaining stake (to ensure a majority stake) was to be picked up from the open market and via a preferential share issue. http://www.vccircle.com/500/news/daiichi-sankyo-buys-525-in-ranbaxy-singhs-sell-20-via-off-market Out of sight, out of mind --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
