Japanese drug maker Daiichi Sankyo has forfeited an option to convert into shares, Rs 175.65 crore worth warrants allotted to it by Ranbaxy.
In October 2008, Ranbaxy had alloted 2.38 crore warrants on preferential basis to its parent Daiichi Sankyo at Rs 73.70 per share to raise Rs 175.65 crore, Ranbaxy Laboratories said in a filing to the Bombay Stock Exchange.
Daiichi Sankyo had the option to exercise aforesaid warrants into shares any time between six to 18 months, the filing added.
However, Daiichi Sankyo has not availed the option to convert the said warrants into equal amount of equity shares. Hence as per the terms of the issue, the said warrants stand lapsed, it said.
In June, 2008, Japan-based Daiichi Sankyo had acquired majority stake in the domestic drug major Ranbaxy.
Shares of Ranbaxy were trading at Rs 442.50 on BSE, down 0.78 per cent from previous close.