Sun Pharma to raise stake in Malaysian subsidiary
Tanay Loya / 13 Oct 2017
Pharma bellwether, Sun Pharmaceutical Industries plans to increase the company's stake in its subsidiary Ranbaxy Malaysia to 79.5 per cent through a purchase of shares.
Pharma bellwether, Sun Pharmaceutical Industries plans to increase the company's stake in its subsidiary Ranbaxy Malaysia to 79.5 per cent through a purchase of shares.
A wholly-owned subsidiary of the company has agreed to increase its shareholding in Ranbaxy Malaysia by 8.3 per cent by way of purchase of around 6.66 lakh shares. The company also added that the share purchase will be for a cash consideration of MYR 2,861,365.65. Ranbaxy Malaysia is a subsidiary of Sun Pharma, and the company, along with one of its wholly-owned arm, currently holds 71.2 per cent shares.
At 10:11 am, Sun Pharma was trading at Rs. 537.90 per share , down by Rs. 1.50 or 0.28 per cent from its previous closing price of Rs. 539.4 on BSE, while the Sensex was up 167.78 points, or 0.52 per cent, to 32,350. The scrip opened at Rs. 541 and touched a high and low of Rs. 542.65 and Rs. 536.05 per share, respectively. The stock attracted a traded volume of 46,860 shares on the BSE. The current market cap of the company is Rs. 1,28,890.73 crore.
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