Japanese drug-maker Daiichi Sankyo, which owns 64% stake in Ranbaxy Laboratories Ltd, has finally firmed up plans to de-list the firm from the stock exchanges. Though speculations about this had been rife since Malvinder Singh stepped down as CEO last May, sources said Daiichi has now got down to finalising the modalities for de-listing in the next four months.
The company is working on the buyback price, which has to be attractive enough for shareholders to tender their shares. Sources said Daiichi wants to de-list in order to have full control over the company. The move is also seen as part of the efforts to fully integrate Ranbaxy, India?s largest drug-maker by sales, with the Japanese parent.
However, when contacted, a Ranbaxy spokesperson denied any such plans. ?There are no plans to de-list the firm,? said the company spokesperson in response to an email query by FE.
In January, speculations around de-listing had seen Ranbaxy?s share price rising almost 26% in two months to around Rs 516.
Again, earlier this month, the markets were abuzz with speculation that a de-listing is imminent, prodding traders to stock up on the company?s shares.