Sun Pharma said all the requisite approvals have been received for the merger of Ranbaxy.
Almost a year after announcing a $4 billion deal, Sun Pharmaceutical Industries on Tuesday said merger of Ranbaxy with itself has been ‘consummated’ following receipt of requisite approvals.
In a filing to the BSE, the company said all the requisite approvals have been received for the merger of Ranbaxy into Sun Pharma effective from the appointed date of April 1, 2014.
It further said the approvals received from the respective High Courts have been filed by Ranbaxy and Sun Pharma with the respective Registrar of Companies on Tuesday.
“With these filings the merger of Ranbaxy into Sun Pharma has been consummated,” the company said. In April, 2014, Sun Pharma had announced it would acquire troubled rival Ranbaxy in an all-stock transaction worth $4 billion that includes $800 million debt. The merger would create India’s largest and the world’s fifth largest drugmaker.
Earlier in the day, Sun Pharma had announced receipt of RBI nod for transfer of overseas investments of Ranbaxy to it and issue its shares to the non-resident shareholders of the latter as part of their merger deal.
The Reserve Bank of India on Monday also gave approval for transfer of overseas investments held by Ranbaxy in its joint venture and wholly owned-subsidiaries to Sun Pharma, pursuant to the proposed merger of Ranbaxy with Sun Pharma through a Scheme of Arrangement.
Sun-Ranbaxy $4 billion merger completed - The Hindu