Sun Pharma and Ranbaxy Laboratories has informed BSE that the Hon’ble High Court of Punjab & Haryana has orally pronounced the Order on March 09, 2015, approving the Scheme of Arrangement involving merger of Ranbaxy Laboratories with Sun Pharmaceutical Industries under Sections 391 to 394, Sections 78 and 100 of the Companies Act. 1956 and Section 52 of the Companies Act, 2013.
Certified true copy of the Order is awaited, it added.
Shares of Ranbaxy Laboratories have moved higher by 2.4% at Rs 825, also its record high on BSE, post announcements. The stock has recovered nearly 5% from its intra-day low of Rs 787 touched in early morning trade.
Sun Pharma too up 1% at Rs 1,049, also its new high, bouncing back about 4% from intra-day low. The stock opened at Rs 1,024 and hit a low of Rs 1,009 on BSE.