Sun Pharmaceutical Industries Ltd.

Sun Pharmaceuticals Industries has received approval from Foreign Investment Promotion Board (FIPB) for issuing equity shares of the Company to the non-resident investors of Ranbaxy Laboratories pursuant to the merger of Ranbaxy Laboratories into Sun Pharmaceutical Industries through the scheme of arrangement between Ranbaxy and Sun Pharmaceutical Industries. This approval made it closer to remove one more regulatory hurdle for the merger of Ranbaxy Laboratories with Sun Pharmaceutical Industries.

Earlier, the two leading stock exchanges -- BSE and NSE -- have given clearance to $4-billion merger of Ranbaxy Laboratories with Sun Pharmaceutical Industries. The ‘no-objection’ from the two exchanges would allow both the entities to file their scheme of amalgamation with the High Court for further clearance of the deal and marks one of the numerous regulatory approvals that Sun Pharma and Ranbaxy need to consummate for the transaction.

Sun Pharmaceutical Industries is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, US and several other markets across the world.