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Ranbaxy open offer to close on Sept 4
The Ranbaxy open offer will close on September 4. The Ranbaxy stock was down as Monday was the last day for the cash delivery to tender in the open offer.
Ranbaxy is seeing huge selling pressure ahead of open offer closure on September 4. Monday was last date for cash delivery for tendering in the open offer. Under T+2, any buy order on September 2 would lead to delivery on September 5, as tomorrow is a holiday. The open offer closes on September 4.
As per the Bombay Stock Exchange, or the BSE website, "A T+2 settlement cycle means that the final settlement of transactions done on T, i.e., trade day by exchange of monies and securities between the buyers and sellers respectively takes place on second business day (excluding Saturdays, Sundays, bank and Exchange trading holidays) after the trade day."
There are hopes that Ranbaxy open offer may be extended. So if the extension does not come, the stock may fall further. However, sources say the open offer is unlikely to be extended.
The open offer was Rs 7.45 crore, which is 20% of Ranbaxy's outstanding capital and out of this Rs 3.72 crore shares have been tendered. Rs 5.6 crore shares are with LIC, the single biggest shareholders; its move will decide acceptance ratio.
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