While 22 per cent of the promoters' stake in Ranbaxy was sold through an off-market transaction, the remaining came from a preferential share allotment. Daiichi Sankyo had earlier picked up more than 20 per cent of Ranbaxy's shares through an open offer. Ranbaxy Chairman and Managing Director Malvinder Mohan Singh said the remaining 12-13 per cent promoter shareholding will change hands in the coming weeks, thereby taking Daiichi's share in Ranbaxy to over 60 per cent.
Instead of locking themselves into long-term contracts, companies are buying from the spot markets and that too in small quantities in order to keep their inventories as low as possible. Commodity prices have fallen off their record peaks in the last few months on account of a demand slowdown, especially from China. Analysts expect commodity prices the world over to soften further.
The hotel group plans to invest about Rs 120 crore (Rs 1.2 billion) over the next two-three years for setting up four-star hotels in Hyderabad and Coimbatore. Speaking at a press conference on the launch of a bartending course in Kolkata on Wednesday, Raju Bharat, managing director, The Kenilworth, said, each of the new hotels would require an investment of around Rs 60 crore (Rs 600 million).
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