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FIPB gives green signal to Ranbaxy-Daiichi deal
| August 26, 2008 |  (1 votes, average: 5 out of 5) Loading ... |
The Foreign Investment Promotion Board (FIPB) cleared the proposal of acquisition of Ranbaxy by Japan’s Daiichi Sankyo and the deal would now have to be cleared by the Finance Minister and the Cabinet Committee on Economic Affairs. The deal was earlier cleared by the FIPB, but the amount of FDI was miscalucated at Rs 108 crore. Now, they have recalculated the amount and found it to be Rs 21,560 crore. Earlier, Industry Ministry had said it does not see any problem in clearing the foreign direct investment rules for the Daiichi-Ranbaxy deal, wherein the Japanese drug maker would acquire majority stake in the Indian pharma major.
Pharma retail company Ranbaxy had announced in June that it has entered into a share purchase agreement with the Japanese pharma major for selling promoters stake in the company which was 34.82 per cent of the total equity capital of the company for around Rs 10,000 crore. After which Daiichi Sankyo also announced the launch of open offer for acquiring 20 per cent additional stake in the company from the shareholders as per the Securities and Exchange Board of India guidelines.
News Published Under: Retail Market in India |
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