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Mumbai, June 11 The Life Insurance Corporation of India will take a call on selling its 15.84 per cent stake in Ranbaxy Laboratories only when Japanese drug-maker Daiichi Sankyo makes its open offer to Ranbaxy’s shareholders, said a senior official at the corporation.

“The price of Rs 737 per share is a good premium on the current market price But Ranbaxy’s stock price has been languishing for a while and we do not know how the share price will move in the coming months,” said the LIC official.

“The decision to divest as well as the percentage of stake that will be divested would depend on the stock market conditions as well as the terms and conditions of the offer,” he added.

Ranbaxy’s shares ended at Rs 560.80 on the BSE, almost flat against the previous close at Rs 560.75. Admitting that Daiichi Sankyo’s proposal to buy out majority control in Ranbaxy was “sudden”, he said, “The buyout will be good for Ranbaxy if it brings with it new strategies and products that can be launched in this market.”

More Stories on : Mergers & Acquisitions | Life Insurance | Open Offers | Ranbaxy Laboratories Ltd

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