Almost a year after announcing a $4-billion deal, Sun Pharmaceutical Industries on Tuesday said merger of Ranbaxy with itself has been completed.
In a filing to the BSE, the company said all the requisite approvals have been received for the merger effective from the appointed date of April 1, 2014. It 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.
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 said it had received an 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 the merger deal. The RBI on Monday also gave approval for transfer of overseas investments held by Ranbaxy in its joint venture and wholly owned-subsidiaries to Sun Pharma.
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