Ranbaxy Laboratories, one of the leading pharma players, announced that Sun Pharmaceutical Industries has received the approval from Reserve Bank of India (RBI) for issue of equity shares of Sun Pharma to the non resident holders of equity shares of Ranbaxy Laboratories and transfer of overseas investments held by Ranbaxy in its joint venture and wholly owned subsidiaries to Sun Pharma, pursuant to the proposed merger of Ranbaxy with Sun Pharma through a scheme of arrangement.

Further Ranbaxy and Sun Pharma have also today, received the approval of the Competition Commission of India (CCI) with respect to the divestment of all the seven products in compliance with the requirement of the CCI order dated Dec. 5, 2014.

Pursuant to this approval, Sun Pharma and Ranbaxy have also entered into a definitive agreement with Emcure Pharmaceuticals, for the aforementioned divestment. These products constitute less than 1% of the combined entity's revenues in India.

Shares of the company gained Rs 6.4, or 0.8%, to trade at Rs 811. The total volume of shares traded was 2,506 at the BSE (9.21 a.m., Tuesday).