On Tuesday Sun Pharmaceutical Industries said the merger of Ranbaxy with itself has been ‘consummated’ following receipt of requisite approvals. The merger took place almost after a year of its announcement.
In a BSE filing the company said that all the requisite approvals have been received for the merger of Ranbaxy into Sun Pharma effective from the appointed date of April 1, 2014.
The approvals received from the respective High Courts have been filed by Ranbaxy and Sun Pharma with the respective Registrar of Companies on Tuesday, it further added.
“With these filings the merger of Ranbaxy into Sun Pharma has been consummated,” the company said.
Sun Pharma had announced in April, 2014 that it would acquire troubled rival Ranbaxy in an all stock transaction worth $4 billion which includes $800 million debt. The merger would create world’s fifth and India’s largest drugmaker.