New Delhi, Feb. 19
Pharmaceutical major Ranbaxy Laboratories Ltd on Tuesday said its board has approved the hiving off of its research and development unit New Drug Discovery Research (NDDR) into a new subsidiary called Ranbaxy Life Science Research Ltd (RLSRL).
As per the de-merger scheme shareholders will get one share of the new entity for every four shares held by them at present. The company said that the spin off will result in cost savings of about $25 million in the current year.
http://www.thehindubusinessline.com/2008/02/20/stories/2008022051360200.htm
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