Ranbaxy Laboratories today said it has forfeited warrants worth Rs 175.65 crore alloted to its Japanese-parent company Daiichi Sankyo after the latter opted not to convert warrants into shares.
On October 2008, the company has alloted 2.38 crore warrants on preferential basis to Daiichi Sankyo at Rs 73.70 per share, aggregating to Rs 175.6 crore, Ranbaxy Laboratories said in a filing to the Bombay Stock Exchange.
Daiichi Sankyo had been alloted 2.38 crore warrants with an option to excercise aforesaid warrants into shares any time between six to 18 months, the filing added.
The company 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 lapse, 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.
