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New Delhi, Sept. 22 Ranbaxy Laboratories said Japanese drug maker Daiichi Sankyo’s open offer for acquiring an additional 20 per cent stake in the domestic pharma firm has been over subscribed.

“Since the number of shares tendered by the shareholders exceeded the offer size, and in consultation with SEBI, the equity shares which are in excess, following determination of the proposed allocation, are being released/dispatched to the relevant beneficiaries, by September 23,” ICICI Securities, the manager of the offer, informed the stock exchanges.

In response to the offer, the number of shares tendered by the shareholders exceeded the offer size of 9.25 crore shares, representing 20 per cent of the voting capital of Ranbaxy, the stock exchange notice added.

Earlier in June, Daiichi had agreed to acquire 34.8 per cent stake held by the Singh family in Ranbaxy, pursuant to which it made an open offer for acquiring up to 9.25 crore shares at a price of Rs 737 each.

Indian takeover regulations necessitates an acquirer to make an open offer for an additional 20 per cent stake in the target firm if its holding reaches 15 per cent.

After completion of the offer, Daiichi now holds over 58.09 per cent stake in Ranbaxy.

More Stories on : Open Offers | Pharmaceuticals | Ranbaxy Laboratories Ltd

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