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Ranbaxy’s R&D unit hive off gets nod

MUMBAI: Ranbaxy Laboratories board on Tuesday approved the scheme of demerger of the company’s New Drug Discovery Research (NDDR) unit into a subsidiary, Ranbaxy Life Science Research (RLSRL).

Under the scheme of demerger, the shareholders of Ranbaxy would receive one equity share in the newly-formed entity for every four shares held in Ranbaxy, the company said in a statement.

All assets, liabilities, research personnel and pipeline related to the NDDR unit would be transferred to RLSRL. The new entity would be listed on the Bombay and National stock exchanges and the Global Depository Receipts at the Luxembourg Stock Exchange.

Ranbaxy has subscribed to preference shares of RLSRL aggregating Rs. 200 crore. Post the demerger, RLSRL’s equity capital would be around Rs. 12.6 crore. The appointed date for the scheme to come into effect is January 1, 2008.

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