Sun Pharmaceutical Industries and Ranbaxy Laboratories witnessed a sharp rise in share price on Tuesday after the CCI approves merger. They have received the order of the Competition Commission of India (CCI) dated Dec. 5, 2014 (Order) by which CCI has approved the acquisition of Ranbaxy by Sun Pharma, subject to compliance with certain conditions.
Sun Pharma and Ranbaxy had filed the notice with the CCI on May 06, 2014 and sought its approval with respect to the deal. Over the past few months, the CCI has sought information and detailed clarifications for the purposes of making its assessment.
Shares of Sun Pharma gained Rs 9.1, or 1.1%, to trade at Rs 837.90. The total volume of shares traded was 87,701 at the BSE (9.48 a.m., Tuesday).
Shares of Ranbaxy Laboratories gained Rs 17.25, or 2.76%, to trade at Rs 642.45. The total volume of shares traded was 118,561 at the BSE (9.48 a.m., Tuesday).