Shares of Ranbaxy Laboratories on Wednesday ended with strong gains on the last day of its trade, as the company is being merged with Sun Pharmaceutical in a USD 4 billion deal.
Shares of Ranbaxy Laboratories gained 5.63 per cent to end at Rs. 859.90 on the BSE. During the day, it soared 6.74 per cent to Rs. 869 - its 52-week high.
Sun Pharmaceutical Industries also rose by 5.51 per cent to settle at Rs. 1,078.55. The stock was the top gainer among the 30-Sensex scrips.
Wednesday was the last trading session for shares of Ranbaxy as domestic indices are closed on Thursday and day after for Mahavir Jayanti and Good Friday, respectively.
Shares of Ranbaxy Laboratories will stop trading on BSE and NSE from April 6 onwards as the company is getting merged with Sun Pharmaceutical Industries in a USD 4 billion deal.
Sun Pharma has fixed April 7 as the record date for determining the entitlement of Ranbaxy shareholders to the equity shares of the former.
“Following the closure of this transaction, Ranbaxy will be delisted from the Indian Stock Exchanges. Ranbaxy shareholders will receive 0.8 share of Sun Pharma for each share of Ranbaxy,” Sun Pharma had said in filing to the BSE last week.
In April 2014, Sun Pharma had announced it would acquire Ranbaxy in an all-stock transaction worth USD 4 billion that includes USD 800 million debt.
The merger would create India’s largest and the world’s fifth largest drug maker.
