The company will transfer its 50% stake in its JV firm, NTPC-Orchid Pharmaceuticals to NCPC for a total cash consideration of USD 13.9 mn.
The anti-depressant drug market in the US is primarily ruled by Effexor XR (Venlafaxine) of Wyeth (now owned by Pfizer).
Ranbaxy, originally promoted by the Singh family, was acquired by Japan's Daiichi Sankyo late last year.
The haircut for major banks stands at 52 per cent, if the dues of Jaypee Infrastructure, Lanco Infrastructure and Era Infrastructure are kept out of the calculation.
Easier dilution norms for mega initial public offerings (IPOs) have come into effect. Companies with post-listing market capitalisation (m-cap) of more than Rs 1 trillion will not be required to dilute a minimum of 10 per cent. The move to relax dilution norms is seen as a precursor to Life Insurance Corporation's IPO. The central government has said companies with an m-cap exceeding Rs 1 trillion will have to dilute Rs 5,000 crore and at least 5 per cent of their m-cap. Experts said the earlier framework discouraged large companies from listing since they were forced to offload a large volume of shares during the time of their IPO.
These together account for 40 per cent of bad loans of around Rs 4 trillion.
A key lesson for the pharmaceutical sector in this case is to not downplay the significant impact that regulatory non-compliance can have on operations.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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