 "Sun Pharma dips on listing of new shares")
Shares of Sun Pharmaceuticals Industries were trading lower by 3% at Rs 1,061 on the BSE after new shares issued by the drug maker on amalgamation of Ranbaxy Laboratories were permitted for trade from today.
“The new securities of 334.96 million equity shares at Re 1 each issued pursuant to the scheme of amalgamation of Ranbaxy Laboratories with Sun Pharmaceutical Industries are listed and permitted for trading on the exchange with effect from Friday, April 17, 2015,” Sun Pharma said in a BSE notice.
These shares are ranking pari-passu with the existing equity shares of the company, it added.
Sun Pharma had allotted 334.9 million equity shares of Re 1 each to the shareholders of erstwhile Ranbaxy Laboratories in the ratio of eight equity shares of Re 1 each of the Sun Pharma for every ten equity shares of Rs 5 each held in erstwhile Ranbaxy Laboratories pursuant to merger of erstwhile Ranbaxy into Sun Pharma.
The stock opened at Rs 1,086 and touched a low of Rs 1,061 on the BSE. On the NSE, the stock too down 3% at Rs 1,060 after hitting low of Rs 1,059 in intra-day trade.
Meanwhile, in past three trading sessions, the stock has dipped nearly 8% from Rs 1,149 on April 13, 2015 compared with 1.6% fall in the S&P BSE Sensex.
“The new securities of 334.96 million equity shares at Re 1 each issued pursuant to the scheme of amalgamation of Ranbaxy Laboratories with Sun Pharmaceutical Industries are listed and permitted for trading on the exchange with effect from Friday, April 17, 2015,” Sun Pharma said in a BSE notice.
These shares are ranking pari-passu with the existing equity shares of the company, it added.
Sun Pharma had allotted 334.9 million equity shares of Re 1 each to the shareholders of erstwhile Ranbaxy Laboratories in the ratio of eight equity shares of Re 1 each of the Sun Pharma for every ten equity shares of Rs 5 each held in erstwhile Ranbaxy Laboratories pursuant to merger of erstwhile Ranbaxy into Sun Pharma.
The stock opened at Rs 1,086 and touched a low of Rs 1,061 on the BSE. On the NSE, the stock too down 3% at Rs 1,060 after hitting low of Rs 1,059 in intra-day trade.
Meanwhile, in past three trading sessions, the stock has dipped nearly 8% from Rs 1,149 on April 13, 2015 compared with 1.6% fall in the S&P BSE Sensex.