Ranbaxy to acquire stake in Krebs Bio

Indian pharma major, Ranbaxy Laboratories Limited, is all set to acquire a strategic 14.9 per cent stake in Hyderabad-based bulk actives manufacturer, Krebs Biochemicals & Industries Limited.

Krebs Biochemicals company secretary, J Jawaharlal, told Business Standard that the equity stake was proposed to be sold to Ranbaxy at Rs 85 per share. The company's stock on the Bombay Stock Exchange closed at Rs 81.65 per share on Thursday.

"There is a good synergy between the two companies and both will be benefited through this sale," Jawaharlal said explaining the reasons for the proposed transaction.

The board of directors of Krebs Biochemicals will meet on February 22 to consider allotment of equity shares to Ranbaxy.