Dilip Shanghvi, founder and managing director of Sun Pharmaceuticals (Photo: Reuters) 
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Dilip Shanghvi, founder and managing director of Sun Pharmaceuticals (Photo: Reuters) Sun Pharmaceuticals has said its promoter and Managing Director Dilip Shanghvi did not buy shares of the company sold by Japanese drugmaker Daiichi Sankyo.
Daiichi on Tuesday sold its entire stake of around 9 per cent in the drug major for over Rs 20,420 crore, which it received after the merger of Ranbaxy Laboratories with Sun Pharma, ending its seven years of tumultuous experience in the country.
Clarifying speculations, the company in a filing on Wednesday said: "...Dilip Shanghvi has neither purchased nor agreed to purchase any shares of our company in the said transaction".
According to the data available on the Bombay Stock Exchange as on April 10, promoter shareholding in Sun Pharma stood at 54.71 per cent. Sanghvi holds a 9.61 per cent stake in Sun Pharma.
Last month, Sun Pharma had announced completion of merger of Ranbaxy with itself, almost a year after announcing the $4-billion deal. As part of the deal, Ranbaxy shareholders were to receive 0.8 Sun Pharma shares for every Ranbaxy share they held.
Daiichi held 63.4 per cent in the Gurgaon-based firm at the time of the merger.
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The company, which had forayed into the growing Indian pharmaceutical market by buying a majority stake in Ranbaxy Laboratories in 2008 for Rs 22,000 crore, sold over 21 crore shares in Sun Pharma.
The merger with Ranbaxy has fortified Sun Pharma's position as the world's fifth largest speciality generic pharma firm and the top-ranking domestic one with a significant lead in the market share.
Sun Pharma shares traded 2.36 per cent higher at Rs 974.10 apiece on the BSE in morning trade.
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